How does a Group B threshold of 32,500 cover a gift of 105,000? I'm clearly missing something.Group B Cat is €32500 and you could include the small gift of €3000 too you and your husband may just avoid any gift tax is my understanding.
How does a Group B threshold of 32,500 cover a gift of 105,000? I'm clearly missing something.Group B Cat is €32500 and you could include the small gift of €3000 too you and your husband may just avoid any gift tax is my understanding.
How does a Group B threshold of 32,500 cover a gift of 105,000? I'm clearly missing something.
What is the valuation date of the inheritance in question?I know this is an old thread. What value is used when calculating the amount of inheritance that includes the sale proceed from a house. Is it the probate valuation or the price the house sold for. In particular where the probate valuation is higher than the actually sale price. This question relates to the resulting tax liability.
For example the probate valuation is €450,000. But the house is sold for €425,000. The Statement of Affairs (Probate) has the figure of €450,000. What figure should be included when completing the CAPITAL ACQUISITIONS TAX (CAT) - Form IT38S.
Thanks for the response. Is that the same as the date the deceased died. If so the 25/3/2021.
How the valuation date is determined in practice depends on the precise circumstances of the case. The rules are more subtle than the various Revenue online summaries suggest. If it is likely to make a significant difference, you could consider getting specialist tax advice on it.The house is not lived in so is the valuation date the day the probate was issued. If so the 15/1/2022