Form CA24 Revenue Probate

ichabod

Would anyone know why Revenue needs to know what debts are outstanding when submitting Form CA24 ?

Peregrinus

1. Debts reduce the net value of the estate, on which the probate office fees are calculated.

2. Depending on the circumstances, debts may reduce the value of inheritances, and therefore the amount of Capital Acquisitions Tax due.

3. More generally, it's the administrator's/executor's job to identify the assets and liabilities of the deceased, and to apply the assets in meeting the liablities, and then distribute whatever remains to those entitled as heirs or beneficiaries. Form CA 24 provides a record of the initial attempt to identify assets and liabilities, which may be important later on if any question arises as to whether the administrator/executor has acted properly.

ichabod

Peregrinus wrote: »

1. Debts reduce the net value of the estate, on which the probate office fees are calculated.

2. Depending on the circumstances, debts may reduce the value of inheritances, and therefore the amount of Capital Acquisitions Tax due.

3. More generally, it's the administrator's/executor's job to identify the assets and liabilities of the deceased, and to apply the assets in meeting the liablities, and then distribute whatever remains to those entitled as heirs or beneficiaries. Form CA 24 provides a record of the initial attempt to identify assets and liabilities, which may be important later on if any question arises as to whether the administrator/executor has acted properly.

Thank you very much.