On CAT, for gifts and inheritances, the Revenue web site says: The taxable value is arrived at by deducting from the market value of the property comprised in the gift or inheritance permissible debts and incumbrances and any consideration paid by the beneficiary.
I know what an "incumbrance" is, but what exactly are "permissible debts"?
For example, I am currently the executor of my late aunt's estate, which is basically her house. The house is rather run down. Would reasonable expenditure on redecoration prior to sale be regarded as a 'permissible debt'?
Or could it be a 'consideration', e.g. payment for work done in redecorating the property?
I know what an "incumbrance" is, but what exactly are "permissible debts"?
For example, I am currently the executor of my late aunt's estate, which is basically her house. The house is rather run down. Would reasonable expenditure on redecoration prior to sale be regarded as a 'permissible debt'?
Or could it be a 'consideration', e.g. payment for work done in redecorating the property?