CGT on trust asset disposal

B

BBY

Registered User
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Hi,
I've disposed of my ownership in an asset (land) that was left in trust to me and my siblings by a parent in the 1980s. The trust was dissolved on reaching the age of majority of the youngest of the beneficiaries - around 1996 - and joint ownership of the land between me and my siblings was instituted.
Am I liable for the full amount of CGT on the disposal value of the land (less disposal costs)? Can I deduct any amount from this?
thanks
B
 
Strictly speaking the Trust was liable for the CGT and not the beneficiaries.

The trustees should have paid this when the land was disposed of ie in 1996. Contact a tax advisor ASAP as penalties and late payment interest charges are probably running since then.
 
As it was administered through a solicitor at the time, I assume that any tax liable at the time was paid. Assuming this to be the case, what is the basis for my current tax liability due to sale?
Cheers
 
You would be liable for any capital gain made between acquiring the land and disposing of it. The purchase price would be whatever valuation was placed on the land in 1996. This could be indexed up using the indexation factors available on the Reveunu site (www.revenue.ie)
 
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