# Inland Revenue Affidavit



## ElectronEng (30 Nov 2009)

I'm about to file an Inland Revenue Affidavit for the estate of my late mother for which I am the executor. I do not expect that CAT will be due. The main asset is the family home and I've obtained a valuation for this.

My question is this: if I submit a valuation of the house for €X and then if the house is sold after some time at, say, €(X + Y) would there be CGT payable on €Y ?

Obviously this would only occur if the sale price of the house is higher than the current valuation which is unlikely in the current economic climate.


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## censuspro (30 Nov 2009)

Yes.

If they are two seperate transactions CGT will apply on the subsequent sale of the house. Unless the house is your principal private residence then it is exempt from CGT.


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## DBRAN (30 Nov 2009)

Is CGT due on a death???


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## mf1 (30 Nov 2009)

DBRAN said:


> Is CGT due on a death???



Not on a death. 

It (CGT) would be due where house is valued low for Probate purposes and subsequently sells for a higher figure. The gain is on the difference between Probate value and sale value. 

mf


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## ElectronEng (30 Nov 2009)

In that instance if I had two valuations from two estate agents then would there be an issue with submitting the higher of the two? It would clearly be an advantage in the low-valuation/higher-sale situation.

This is assuming that the house value would rise (unlikely) and that we would not break through the CAT exemption limits (also unlikely).


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## callybags (30 Nov 2009)

When you say the "inland revenue" I assume you are in the UK?

The rules may well be different to those here.


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## mf1 (30 Nov 2009)

callybags said:


> When you say the "inland revenue" I assume you are in the UK?
> 
> The rules may well be different to those here.



The Inland Revenue Affidavit is the common name for the Form CA24 here.

mf


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## callybags (30 Nov 2009)

OK. You live and learn.


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