Inheritance tax advice recomendation

Dolly401

Hi all

I am looking for a recommendation for a tax professional who specializes in inheritance tax issues.

I am finding it hard to get a definate answer on my own farm transfer which seems to be an unusual situation ( wouldnt have thought it would be unique though) . I have sought advise from 2 accountants and a solicitor and all have differing views on it.

The situation is my parents who are coming up to 80 are farming roughly 70 acres. There is one house to the left of the farmyard which my grandparents lived in ( that is currently rented out) and another house on the right of the farmyard built over 40 years ago that my parents currently live in. It was agreed that my brother inherits 40 acres + the yard & house to the left of the yard and I inherit 30 acres + house to right of yard ( + outbuildings built at this house). My parents wanted to act on the transfer as their is a family health issue on my dads side that should he develop he could possibly need to go into a nursing home ( so ideally they want very little assets to avoid the fair deal scheme taking a good chunk of it ) My brothers transfer went with through no issues and no tax payable as all qualified for agricultural relief.

However on my transfer the solicitor is taking the view that my parents house and outbuildings ( which has a high value )does not qualify for ag relief so I will face a tax bill of €70-€80K on the transfer. The problem is I cannot afford to pay this as both my husband and I have normal paying jobs, mortgage, 3 kids etc and cannot afford to take on more debt. Basically I cant afford to inherit!! I have sought advice and each have differing views as follows:

- Solicitor says the house my brother inherited is the original farmhouse and this is the only house that qualifies for Ag relief
- Accountant 1 says the house my parents ( the farmers ) have resided in for over 40 years is the farm house. The other house as it is rented out does not qualify for Ag relief
- Accountant 2 says both houses should qualify for Ag relief
- Contacted revenue and cant get an answer from them either - just someone will contact me back but they never do

I have stalled this transfer for 2 years in trying to get a definate answer and my parents are now anxious to get it sorted. My brother is in a position that he can afford to pay the inheritance tax due so my parents are now saying that if I cant pay the assets will have to be passed onto my brother. So I will lose out and get nothing.

I have done alot on the farm over the years, I still help out and do all the paperwork. I also am responsible for my parents care as my mum especially has had bad health over the years. Im gutted that I am going to get nothing and I had hoped that the income from renting out the house would be support us in our old age as we dont have a pension. I have no intentions of falling out with my parents or brother on this.

I just want to try and get definate sound advice on where I stand in this and can all assets qualify for Ag relief?

JeffKenna

The issue here is the Solicitor. If both accountants are saying it qualifies for Ag relief then it does. Does the solicitor represent your brother as well?

Dolly401

JeffKenna wrote: »

The issue here is the Solicitor. If both accountants are saying it qualifies for Ag relief then it does. Does the solicitor represent your brother as well?

A different solicitor acted for my brother. My solicitor is saying the 2 accountants are wrong. I ran it past a different solicitor and they seem reluctant to give an opinion. It is head wrecking.

Bass Reeves

Dolly401 wrote: »

A different solicitor acted for my brother. My solicitor is saying the 2 accountants are wrong. I ran it past a different solicitor and they seem reluctant to give an opinion. It is head wrecking.

Accountants make tax returns not solicitors. Even at that value of 30 acres and a house should be with the CGT limit. I cannot understand how they exceed CGT limit by 200 odd thousand.

I would not worry about borrowings 70 k to fund such an inheritance. The rental from the house should go a long way on loan repayments. Credit unions are issuing unsecured house loans at 4%. Over 15years repayments are 4-4.5k/ year. Or 350/month

Rental on land would be 3k minimum/year, any hose is worth6k/year at 500/month which is a low tent

JeffKenna

Dolly401 wrote: »

A different solicitor acted for my brother. My solicitor is saying the 2 accountants are wrong. I ran it past a different solicitor and they seem reluctant to give an opinion. It is head wrecking.

The solicitor who was reluctant to give an opinion was correct. They should take their opinion from the accountant as they would be the expert in that field.

Dolly401

Bass Reeves wrote: »

Accountants make tax returns not solicitors. Even at that value of 30 acres and a house should be with the CGT limit. I cannot understand how they exceed CGT limit by 200 odd thousand.

I would not worry about borrowings 70 k to fund such an inheritance. The rental from the house should go a long way on loan repayments. Credit unions are issuing unsecured house loans at 4%. Over 15years repayments are 4-4.5k/ year. Or 350/month

Rental on land would be 3k minimum/year, any hose is worth6k/year at 500/month which is a low tent

I received a site + cash ( I was ill and needed cash for treatment) years ago which used up some of MY CAT threshold. Unfortunately my parents will still be living in the house after the transfer ( and could live another 20 years ) so I wont be able to rent it out so that wont be any help in paying a loan. Unfortunately I am not in a position to have a spare €350 a month to pay a loan.

https://www.cpaireland.ie/getattachment/Resources/CPA-Publications/Accountancy-Plus/accountingcpd-net-courses-(2)/PCA-Profiles-Personal-Development-(5)/Passing-on-the-Family-Business.pdf?lang=en-IE

For what it is worth. A farm is a business.

Gman1987

Correct me if I'm wrong but you should be able to get the land to qualify for either agriculture relief or business relief therefore reducing its value by 90% for inheritance purposes. Therefore 300k worth of land would be only valued for inheritance purposes at €30k. You are allowed to inherit €335k without paying tax so once the house is valued under €305k (Minus your site and cash already received) you should be ok. You will have to pay some stamp duty alright but that will be small enough. Its the accountant that works out what tax is payable so chat to a decent accountant and take it from there.

Dolly401

Gman1987 wrote: »

Correct me if I'm wrong but you should be able to get the land to qualify for either agriculture relief or business relief therefore reducing its value by 90% for inheritance purposes. Therefore 300k worth of land would be only valued for inheritance purposes at €30k. You are allowed to inherit €335k without paying tax so once the house is valued under €305k you should be ok. You will have to pay some stamp duty alright but that will be small enough. Its the accountant that works out what tax is payable so chat to a decent accountant and take it from there.

Unfortunately I have already used up some of my €335K as I was transferred a site ( + cash) so I dont have the full €335k to use. The land of 30 acres qualifies for ag relief which is fine but the house and outbuildings dont. Also my family dont want anything sold to fund the tax paid so I cant sell the land to pay the tax due.

Dolly401

JeffKenna wrote: »

The solicitor who was reluctant to give an opinion was correct. They should take their opinion from the accountant as they would be the expert in that field.

In fairness he probably was correct in giving no opnion. My problem is I dont know who is correct. My solicitor wont proceed with any transfer until the tax situation is agreed ( he is adamant I will have to pay ) - and says he is looking after my interests. Both accountants have verbally given their opinion to me but havent put it in writing or agreed it with revenue( despite asking them to and me willing to pay them more to do this). I am told that CAT is out of most accountants day to day activities and that I probably need to go to someone with specialist knowledge that deals with CAT every day.

another thing to ask your accountant w.r.t. taxman and forbearance; Does the old adage "It’s Easier To Ask Forgiveness Than To Get Permission" apply.
pm sent

zf0wqv9oemuasj

Hi, to me your solicitor is wrong.

The farm house is clearly the house that your parents the "farmers" reside in and not the rented house even if it was the original farm house.

I actually am not sure at all if the house your brother got should have been considered an agricultural asset since it currently is nothing to do with farming and is a rented house.

Your solicitor needs to listen to the accountants or else you need to get a new solicitor as he appears a little clueless to me.

Just to add: Either both are farm houses or just the one you are inheriting but I cannot see any way someone could claim the house your parents reside in is not a farm house. Even more so now since your brother has already taken the his share so as things stand is you solicitor saying there is no farm house for the land you are to inherit? As your parents only own one house how can it now be the farm house for the land you are to inherit. I think you need a new solicitor.

Dolly401

Hannah Proud Hospital wrote: »

Hi, to me your solicitor is wrong.

The farm house is clearly the house that your parents the "farmers" reside in and not the rented house even if it was the original farm house.

I actually am not sure at all if the house your brother got should have been considered an agri asset since it currently is nothing to do with farming and is a rented house.

Your solicitor needs to listen to the accountants or else you need to get a new solicitor as he appears a little clueless to me.

Yeah I think I will look at changing solicitor. Logically I would have thought my parents house is the farmhouse and the original farmhouse (rented out ) is not a farming asset. My brothers solicitor and accountant insist though that the rented out house is the farm house as its original to the farm.

There is farms all over the country with similar set ups ( 2 houses, sometimes even 3 houses) - I would of thought this was a common scenario. I think I need to push for a decision from the revenue commissioners.

zf0wqv9oemuasj

Dolly401 wrote: »

Yeah I think I will look at changing solicitor. Logically I would have thought my parents house is the farmhouse and the original farmhouse (rented out ) is not a farming asset. My brothers solicitor and accountant insist though that the rented out house is the farm house as its original to the farm.

There is farms all over the country with similar set ups ( 2 houses, sometimes even 3 houses) - I would of thought this was a common scenario. I think I need to push for a decision from the revenue commissioners.

Thanks for your response. Being original to the farm is, in my opinion not the definition of a farm house. A farm house is the main house in which the farmer resides and is the base for his farm business and so on (maybe someone will correct me but that is my interpretation).

My father inherited the farm and my uncle inherited the original "farm house" so it is no longer part of the farm and a farm has to have a farm house so my parents house is now the farm house (again by my interpretation).

I am building a house on the farm and already own land in my own name (bought) and my father will be transferring half the farm to me soon. I fully intend to define my own house as a farm house also as I will be conducting my farming activities from my house. My parents current house will go to one of my siblings therefore again the farm will have no farm house if I was not to define mine as a farm house (when built). The complication being there will be two farm houses for a period of time but I dont see that as an issue personally.

I actually think the fact your bother already owns his share makes things clearer. As the original farmhouse is no longer in your parents ownership so why would their current house not be considered the farm house for the land they own?

LawBoy2018

Hi there-

I just have a quick question, did the solicitor say why the houses/outhouses wouldn't qualify for the relief? I would have thought that they would.

Dolly401

Hannah Proud Hospital wrote: »

Thanks for your response. Being original to the farm is, in my opinion not the definition of a farm house. A farm house is the main house in which the farmer resides and is the base for his farm business and so on (maybe someone will correct me but that is my interpretation).

My father inherited the farm and my uncle inherited the original "farm house" so it is no longer part of the farm and a farm has to have a farm house so my parents house is now the farm house (again by my interpretation).

I am building a house on the farm and already own land in my own name (bought) and my father will be transferring half the farm to me soon. I fully intend to define my own house as a farm house also as I will be conducting my farming activities from my house. My parents current house will go to one of my siblings therefore again the farm will have no farm house if I was not to define mine as a farm house (when built). The complication being there will be two farm houses for a period of time but I dont see that as an issue personally.

I actually think the fact your bother already owns his share makes things clearer. As the original farmhouse is no longer in your parents ownership so why would their current house not be considered the farm house for the land they own?

Thank you for your reply. You have put a new perspective on it for me - the aspect that now at this moment in time there is only 1 farmhouse owned by my parents. I need to check however can revenue look back and see that there has been another farmhouse transferred in the last 2 years and could this be an issue.

Dolly401

LawBoy2018 wrote: »

Hi there-

I just have a quick question, did the solicitor say why the houses/outhouses wouldn't qualify for the relief? I would have thought that they would.

No problem lawboy - There were 2 houses on the farm owned by my parents. He said there cannot be 2 farmhouses transferred tax free and that the original farmhouse is the farmhouse that can be transferred tax free not the house that my parents are residing in which was built 40+ years ago ( which I would regard as the farmhouse).

Bass Reeves

Dolly401 wrote: »

No problem lawboy - There were 2 houses on the farm owned by my parents. He said there cannot be 2 farmhouses transferred tax free and that the original farmhouse is the farmhouse that can be transferred tax free not the house that my parents are residing in which was built 40+ years ago ( which I would regard as the farmhouse).

He is incorrect. The original farmhouse was a rental it was not the farmhouse. It stopped being the farmhouse when it was turned into a rental IMO. It will create a small tax issue maybe for your brother. Older farm houses can often be valued very low as they tend to be incorporated into the farm yard. Valuations as low as 50k are not uncommon for such houses.

893bet

Are there sheds on your portion? With lights and power etc? Where are these farmed from? Or the water supply?

Would all help justify the house as being part of the farm.

newholland mad

You are probably already aware but the fair deal has a look back period for 5 years so any transfer now will be irrelevant until your parents are almost 85.

Tonynewholland

It’s really your accountant who should be talking to revenue so keep putting the push in them. If the revenue didn’t give you a clear answer it’s because they aren’t sure themselves.
I’d do everything possible not to loss your chance to inherit the property

Dolly401

893bet wrote: »

Are there sheds on your portion? With lights and power etc? Where are these farmed from? Or the water supply?

Would all help justify the house as being part of the farm.

There are sheds on my portion - they are on the electric supply to my parents house. The farmyard is on a separate connection. The rental house is also on another separate connection.

Dolly401

newholland mad wrote: »

You are probably already aware but the fair deal has a look back period for 5 years so any transfer now will be irrelevant until your parents are almost 85.

Yep I am aware of the 5 year look back so this is why we are anxious to get this sorted out. My parents arent getting any younger.

I had to arrange a nursing home for my uncle under the fair deal scheme so Im familiar with the pros and cons of the scheme.

893bet

Dolly401 wrote: »

There are sheds on my portion - they are on the electric supply to my parents house. The farmyard is on a separate connection. The rental house is also on another separate connection.

I am confused as to which house is which. The sheds you are inheriting, Is their power linked to the house you are inheriting?

It looks like the other house has been given farm house status as they inherited first.

Dolly401

Tonynewholland wrote: »

It’s really your accountant who should be talking to revenue so keep putting the push in them. If the revenue didn’t give you a clear answer it’s because they aren’t sure themselves.
I’d do everything possible not to loss your chance to inherit the property

Yeah I really just want to get a definate answer so I know where I stand. It may sound like a small amount to alot of people for what I would be inheriting but when you dont have the funds its a huge amount. If I go down the route of a loan it would put huge pressure on us financially. I will do me best to get an answer.

Dolly401

893bet wrote: »

I am confused as to which house is which. The sheds you are inheriting, Is their power linked to the house you are inheriting?

It looks like the other house has been given farm house status as they inherited first.

Yes there are sheds also built at the house where my parents reside. Yes there is power in the house - its is still being lived in by my parents.

JustAThought

Dolly401 wrote: »

In fairness he probably was correct in giving no opnion. My problem is I dont know who is correct. My solicitor wont proceed with any transfer until the tax situation is agreed ( he is adamant I will have to pay ) - and says he is looking after my interests. Both accountants have verbally given their opinion to me but havent put it in writing or agreed it with revenue( despite asking them to and me willing to pay them more to do this). I am told that CAT is out of most accountants day to day activities and that I probably need to go to someone with specialist knowledge that deals with CAT every day.

In fairness they won’t be giving tou written work witjout you paying for it - that seems fair - they have to earn a livliehood too. I’d pay one of them, get their written advice, then wither change your solicitor or instruct him/her to follow your instructions - if possible I’d change solicotor or get the accountant to tie in with one s/he has done this type of transfer with before.

Might be jealousy or sour grapes in the part of the solicitor. Accountants have to keep up to date & inheritance tax changes every year. Revenue will aLways tax to the max so I woildn’t involve them if poss. I agree with you on the unfair deal. Shocking abuse of leglislation.

Gman1987

Dolly401 wrote: »

Unfortunately I have already used up some of my €335K as I was transferred a site ( + cash) so I dont have the full €335k to use. The land of 30 acres qualifies for ag relief which is fine but the house and outbuildings dont. Also my family dont want anything sold to fund the tax paid so I cant sell the land to pay the tax due.

Ok, so its €335k minus the value of the site you have already received and the cash you have already received will give you the balance you will be allowed to inherit tax free. Then you should be able to get agriculture relief or business relief in order to value the land at 10% of its value. For the house, as per other posters talk to a good accountant, the aim would be to get house in as part of the land transfer (agri relief/business relief) and if you cant do that then put as low valuation as possible on it in order to minimize the potential of passing the €335k inheritance limit.

893bet

Dolly401 wrote: »

Yes there are sheds also built at the house where my parents reside. Yes there is power in the house - its is still being lived in by my parents.

Does that house power your sheds?

I would be trying to justify that the house and land and sheds you are inheriting are linked together and can’t be seperated.

Same power
Same water supply
Are the sheds in the yard with the house which would prevent the house ever been sold separately etc?

Bass Reeves

Dolly401 wrote: »

Yeah I really just want to get a definate answer so I know where I stand. It may sound like a small amount to alot of people for what I would be inheriting but when you dont have the funds its a huge amount. If I go down the route of a loan it would put huge pressure on us financially. I will do me best to get an answer.

You will not get a definite answer until you transfer. In a way it a case in f getting on with it and worryingly about the tax situation after. If you dither you may be left with nothing. While you do not want to borrow they may be other solutions. For instance would your brother buy 10acres off you so you could find the tax liability if it happens.

I go to the accountants, instruct you solicitor or a new solicitor to proc ed with there tax advices.

At times it's a case of getting on with it

Dolly401

JustAThought wrote: »

In fairness they won’t be giving tou written work witjout you paying for it - that seems fair - they have to earn a livliehood too. I’d pay one of them, get their written advice, then wither change your solicitor or instruct him/her to follow your instructions - if possible I’d change solicotor or get the accountant to tie in with one s/he has done this type of transfer with before.

Might be jealousy or sour grapes in the part of the solicitor. Accountants have to keep up to date & inheritance tax changes every year. Revenue will aLways tax to the max so I woildn’t involve them if poss. I agree with you on the unfair deal. Shocking abuse of leglislation.

I have paid them for the advice and happy to pay more for it in writing - but none of them appear to want to put it in writing, Im guessing they are not 100% convinced they are correct.

Dolly401

893bet wrote: »

Does that house power your sheds?

I would be trying to justify that the house and land and sheds you are inheriting are linked together and can’t be seperated.

Same power
Same water supply
Are the sheds in the yard with the house which would prevent the house ever been sold separately etc?

Yep that house powers the sheds. My bit I am inheriting could be sold as a farm in its own right - house, outhouses and land. So could the other bit though my brother inherited though.

Dolly401

Bass Reeves wrote: »

You will not get a definite answer until you transfer. In a way it a case in f getting on with it and worryingly about the tax situation after. If you dither you may be left with nothing. While you do not want to borrow they may be other solutions. For instance would your brother buy 10acres off you so you could find the tax liability if it happens.

I go to the accountants, instruct you solicitor or a new solicitor to proc ed with there tax advices.

At times it's a case of getting on with it

Yeah I hear what you are saying. I would be taking a big risk though. If I am liable for it I dont have the means to pay it which is my problem!
All though I would inherit now I wouldnt gain an income from this until my parents pass away as they still have the use of it for their lifetime.

ml100

Do you qualify for agricultural relief, i.e. farmer test (80% of assets will be agricultural after inheritance) and active farmer test, see : https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/what-are-the-conditions-for-agricultural-relief.aspx

If you don't qualify for agri relief I don't think the house can qualify for business relief see :
https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/business-relief/what-is-relevant-business-property.aspx

Bass Reeves

Dolly401 wrote: »

I have paid them for the advice and happy to pay more for it in writing - but none of them appear to want to put it in writing, Im guessing they are not 100% convinced they are correct.

No accountant or solicitor will put such a scenario in writing as they are then libel. I wouldn't either for a few hundred or even thousand euro in advice fees leaving me libel if revenue took a different interpretations. You will get no 100%gaurantees all you get is advice which you either go with or not. You issue is your solicitor is giving different advice. At the end of the day the decision will still be yours not the accountants or solicitors

Dolly401

ml100 wrote: »

Do you qualify for agricultural relief, i.e. farmer test (80% of assets will be agricultural after inheritance) and active farmer test, see :

If you don't qualify for agri relief I don't think the house can qualify for business relief see :

The land qualifies for ag relief. The house portion doesnt qualify though. Business relief doesnt come into it.

Donald Trump

If your accountant does something wrong as regards tax, it is still your responsibility as regards Revenue.


Know of a story anecdotally here about a man who had to sell an outfarm he got as part of a landswap deal.....and ended up having to sell it to pay off Revenue. The story is that the accountant gave him bad advice in relation to his liability due to the swap. I don't know the exact details

Panch18

I'm with Bass on this - just get the bloody thing done and dusted now if you've been 2 years messing around with it already

Even if that means changing your solicitor - then just do and get it done.

also i hope when you went to the revenue that you did so anonymously and didn't give your name and address.

The biggest thing in all this is if you qualify for Agri relief - if so land valued higher and house valued lower and then the CAT can be kept to a minimum

Dolly401

Bass Reeves wrote: »

No accountant or solicitor will put such a scenario in writing as they are then libel. I wouldn't either for a few hundred or even thousand euro in advice fees leaving me libel if revenue took a different interpretations. You will get no 100%gaurantees all you get is advice which you either go with or not. You issue is your solicitor is giving different advice. At the end of the day the decision will still be yours not the accountants or solicitors

I guess your right. Im taking a big risk for my family if I proceed with the transfer. It is alot of money to us. I think I will contact revenue again and try and get an answer.

Panch18

Dolly401 wrote: »

I guess your right. Im taking a big risk for my family if I proceed with the transfer. It is alot of money to us. I think I will contact revenue again and try and get an answer.

Are you really sure you want to do that?

Have your dealings with them so far been anonymous?

cosatron

aonther option for you is to proceed with the land transfer and get your parents to will you the house. Will this work? Your already caught for fair deal scheme anyways so you can use the house against this.

Tonynewholland

Dolly401 wrote: »

I guess your right. Im taking a big risk for my family if I proceed with the transfer. It is alot of money to us. I think I will contact revenue again and try and get an answer.

Worse case is you would have to sell part of it which is hardly your fault I’d advise you to only let your accountant speak with revenue.

zf0wqv9oemuasj

Dolly401 wrote: »

The land qualifies for ag relief. The house portion doesnt qualify though. Business relief doesnt come into it.

Do you qualify for ag relief for sure though?


Do you have the green cert or other suitable qualification

When you inherit the farm will the farm (or farm plus house) account for 80% or more of your assets (i.e. do you own another house already and have you taken this into account in the valuation less any outstanding mortgage).


Do you plan to farm the land or lease it out to a farmer who will meet the criteria.

Donald Trump

Hannah Proud Hospital wrote: »

Do you qualify for ag relief for sure though?


Do you have the green cert or other suitable qualification

When you inherit the farm will the farm (or farm plus house) account for 80% or more of your assets (i.e. do you own another house already and have you taken this into account in the valuation less any outstanding mortgage).


Do you plan to farm the land or lease it out to a farmer who will meet the criteria.

Just to clarify for them, they don't need Green Cert. They can instead rent it out to someone who is qualified for whatever it is - 6 or 7 years

Dolly401

Panch18 wrote: »

Are you really sure you want to do that?

Have your dealings with them so far been anonymous?

Yep they've been anonymous. I understand what you are saying and how ridiculous I sound over what most people would deem a small amount of money. If you dont have it though its a huge amount. I have a health issue that could mean I may not be able to borrow or I may have to give up working at some stage. Having to come up with €70K could affect my families future greatly so I cant take chances.

Dolly401

Hannah Proud Hospital wrote: »

Do you qualify for ag relief for sure though?


Do you have the green cert or other suitable qualification

When you inherit the farm will the farm (or farm plus house) account for 80% or more of your assets (i.e. do you own another house already and have you taken this into account in the valuation less any outstanding mortgage).


Do you plan to farm the land or lease it out to a farmer who will meet the criteria.

I qualify for ag relief. Solicitor says the house cant be included in this relief though as another farmhouse has been transferred to my brother.

Panch18

Dolly401 wrote: »

Yep they've been anonymous. I understand what you are saying and how ridiculous I sound over what most people would deem a small amount of money. If you dont have it though its a huge amount. I have a health issue that could mean I may not be able to borrow or I may have to give up working at some stage. Having to come up with €70K could affect my families future greatly so I cant take chances.

You get the valuations right and your CAT should be low - notwithstanding your previous receipts

Don't forget Stamp Duty either - its at a ridiculous 7.5% now on none residential property

So maybe you want to value the house high and the land low - you really need to work it all out to see

BUT for sure don't pay tax that could be avoided with some good advice and working the right way

Dolly401

cosatron wrote: »

aonther option for you is to proceed with the land transfer and get your parents to will you the house. Will this work? Your already caught for fair deal scheme anyways so you can use the house against this.

We are not caught with fair deal scheme yet. My parents are not in a nursing homes. They are afraid down the line that they may have to avail of the scheme in the future thats why they want to transfer the assets.

They have seen the fair deal scheme kick in with relatives and friends who had to avail of it and would like to try and avoid the assets having to be sold ( to pay hse)

ml100

Are your parents going to keep a right of residency in their house, this can complicate things too depending on how its worded, but it might help you if you can't get argi relief on the house, when I did my transfer I was told by my accountant that if the transfer included a right of residency for my parents in the house, the house would not transfer from a revenue point of view until they gave up that right (either sign it away or die), but I would be the legal owner (from a fair deal point if view) from when the transfer happened, this could give you some time to save for the tax etc, might be something to check out.

Donald Trump

JustAThought wrote: »

Might be jealousy or sour grapes in the part of the solicitor. Accountants have to keep up to date & inheritance tax changes every year. Revenue will aLways tax to the max so I woildn’t involve them if poss. I agree with you on the unfair deal. Shocking abuse of leglislation.

I'm not 100% sure on this - but then again I don't have direct experience.


I would be under the impression though that, in avoiding Revenue, you are merely just taking a chance the same as you would be if you didn't declare some income.



I don't think that ignorance of something counts as a real defence for Revenue..........they're never going to say to you "ah, well ok, you're grand. We won't charge you the extra because it was a few years ago. If we had known at the time then we would have definitely charged you but seeing as how you misled us and underpaid us, it's fine now"


Is it not a better strategy to argue it out with them now up front? I don't know. Genuine question.



(I can't even release my own tax returns sure. Permanently under audit)

Panch18

The ironically name "FAIR DEAL" scheme

the most unfair deal ever created - an absolute sham