Probate Tax on derelict house

ABitofsense

Hi,

Hope this is the right tread for this.

My grandmother died in 94 and left the house to my father. He did the usual Irish thing and did nothing about it till now! What are the legal implications for this?
The solicitor has informed him that there will be a probate tax, what does this involve? The information online isn't that clear. The property is completely derelict now but was valued at 20,000e in 94 (we got auctioneer to do an evaluation last year).

Any help appreciated

coylemj

In 1994, the CAT (capital acquisition tax) threshold for a child inheriting from a parent was €220,934 so it sounds like he has nothing to worry about. If by 'Probate tax', the solicitor meant the charge levied by the probate office, IIRC that will be only a few hundred max.

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/historical-cat-thresholds.aspx

Marcusm

coylemj wrote: »

In 1994, the CAT (capital acquisition tax) threshold for a child inheriting from a parent was €220,934 so it sounds like he has nothing to worry about. If by 'Probate tax', the solicitor meant the charge levied by the probate office, IIRC that will be only a few hundred max.

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-thresholds-rates-and-aggregation-rules/historical-cat-thresholds.aspx

Probate Tax was a different tax in existence between 1993 and 2000 and charged at 2% on the value of the estate. The threshold for 1994 was in region of £10,000. The tax remains due and interest will have been added at 1% per month but capped at the amount of the tax. The solicitor handling the reregistration/transfer should be able to deal with it.