CAT Inheritance home valuation at time of death or probate?

keano12

keano12

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Hello. I was looking after my mother until she passed in 11/2018. I am the only child and in the will inherited her house. I was told to get an evaluation done after her passing which I did. The probate on the house passed this year in April. when filling out the form do I place the home evaluation back in 2018 or this year when probate passed?

When addling a disponer on CAT IT38 (my mother) it asks:
- the date of gift/inheritance (is this the day she passed or when probate approved?)
- the valuation date (valuation at death?)

Thank you
 
I think this very much depends on whether you are in danger of paying inheritance tax or not and therefore if it needs closer examination as to which date is better for you from a tax perspective, whether you might qualify for dwellinghouse exemption etc. So if you could be paying tax, get professional advice on all the above.
 
Do you have to meet all of the following or only 1 to be exempt?

You will be exempt from Capital Acquisitions Tax (CAT) on the inheritance of a dwelling house if, at the date of the inheritance:
  • the house was the only or main home of the person who died (this condition does not apply if you are a dependent relative)
  • you lived in the house as your only or main home for the three years immediately before the date of the inheritance
  • you do not own, or have an interest in, any other house
  • you do not acquire an interest in any other house from the same disponer between the date of the inheritance and the valuation date
  • the house continues to be your only or main home for six years after the date of the inheritance. This does not apply if you:
 
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