Inheritance valuation of house

[AlanH]

Following the recent death of my father, his house (which is being left to my sister, brother and I) is currently being valued. We'd appreciate some advice as to the tax implications of this inheritance. Do we still have to pay stamp duty on the transfer of deeds to each party even if the value of each share falls below the treshold for capital gains etc.

 

[capall]

No stamp duty when property passes on a death

Just Capital acquisitions tax @ 20% if over the threshold of 478000 approx

 

[mf1]

If you keep house, and put it in all three names, there will be no stamp duty but, depending on the value ( it is market value) you may have an Inheritance Tax liability. ( Capital Acquisitions Tax)

If you do a Deed of Family Arrangement and e.g. only put house in on or two names ( one/two sell/gift to other/s) you may have stamp duty and CAT liabilities.

If you decide to sell house, the estate may have a Capital Gains Tax liability on any difference between date of death value and sale value.

Three separate taxes are at play. Your solicitor should be able to guide you towards tax advice.

As a practising solicitor, I will advise generally on tax issues but generally advise clients to seek specific advices themselves.

mf

 

[!RAY]

Hi
Just a quick question. Capital acquisitions tax @ 20% if over the threshold of 478000 approx ,is this the amount per child ie each child does not pay Capital Acquisition tax if the amount of inheritance is under 478,000.
Is there any other Tax to be payed.
!RAY