Query about possible CGT on a sale

mondeoman72

Situation as follows.

Family home on an acre with another 14 acres of farm land surrounding it ( so house and 15 acres).

Been in Johns family about 200 years. John himself got it around 1979 but died 14 years ago where it then probated to Johns wife at a value of 800 thousand.

Now Johns wife is now selling.

Our understanding is that there will be no CGT if the selling price is 800 thousand or less, but someone has suggested it may be different rules as it also contains the farmland.

If the whole lot it sold for say, 800 thousand, will there be any surprises?

Thanks everyone.

lau1247

Can't say I know too much about farmland but have you read this? It might be a good place to start, it has bits and pieces about selling.

https://www.citizensinformation.ie/en/environment/land/farm-succession-planning/

namenotavailablE

Is it just the house which is planned on being sold or the house plus the land?

If just the house, then only a fraction of the €800k probate valuation would be deducted against the house sales proceeds, since that €800k refers to the entirety of land plus house, rather than just the house.

Given the figures involved, I'd recommend getting a professional to do the calculations as an error could be very expensive.