Advice needed on qualifying for CAT?

[Sonny1]

I live in my mother's home, valued €450,000 & will inherit it as well a sum of c.€380,000. I know I will qualify for the exemption on the home, but will it be taken into account in calculating CAT or is it just the €380,000 which will be assessed i.e €380,000 - €335,000 Category A threshold?

Thank you. Sonny

 

[Gordon Gekko]

I live in my mother's home, valued €450,000 & will inherit it as well a sum of c.€380,000. I know I will qualify for the exemption on the home, but will it be taken into account in calculating CAT or is it just the €380,000 which will be assessed i.e €380,000 - €335,000 Category A threshold?

Thank you. Sonny

It wouldn’t be exempt if it was taken into account…it’ll be (€380k - €335k) x 33%

 

[Sonny1]

Thank you Gordon. That's very helpful

 

[jpd]

To be a pedant, the calculation will be

Value of inheritence (450k + 380K)	830K
less relief for home	-450K
Taxable value	380K
Less Cat A threshold	-335K
Taxable	45K
Tax at 33%	15K

Value of inheritence

 

[Sonny1]

To be a pedant, the calculation will be

Value of inheritence (450k + 380K)	830K
less relief for home	-450K
Taxable value	380K
Less Cat A threshold	-335K
Taxable	45K
Tax at 33%	15K

Value of inheritence

Thank you so much