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CAT/CGT - Date of liability.

  • 02-08-2018 2:25pm
    #1
    joehayes999
    Registered Users, Registered Users 2 Posts: 58 ✭✭


    My siblings and I inherited a house on the death of our father in Oct 2016. Soon afterwards we all agreed to sell it to a nephew of ours at an agreed amount. Probate was granted in Sept 2017. Since then there has been a dispute with neighbours about a right of way and this is likely to go on into next year. I am not an executor so I have no control over this situation. Given that it is a nephew my siblings are insisting on sticking to the sale as agreed though no contracts have been issued as far as I know. The nephew will not complete the sale without the Right of way situation being resolved. House prices rose by about 10% between Oct 2016 and Sep 2017 and will probably rise by more by the time the sale finally goes through, but the sales price is already set. Given that it is a connected party is there a risk of a CGT liability on the difference between the market value at the date of sale and the market value at the date of death and if so is this on us individually or on the estate?
    Thanks.


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