IT38 Asset Value versus My Share of Asset

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DaveyP

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Hi
As result of inheritance I'm having to fill inform IT38. It asks for the market value of the property inherited, but should I provide the market value X of the whole house or the market value of my share X/4? (My 3 siblings inherit the other 3X/4)

Wording of form seems to indicate the former (X), but if I do that then it seems to calculate my CAT tax assuming I am inheriting the whole house! Or am I missing some place where I should specify that I only inherit 1/4 of the house ?

Thanks
 
"Property" in the context of an IT38 is the legal concept of property, rather than physical property (eg. a house).

For the purposes of Capital Acquisitions Tax (CAT), property can be understood as anything capable of being owned, including tangible and intangible assets, rights, and interests. Essentially, if something has value and can be transferred or inherited, it falls within the scope of "property" for CAT purposes.

So, when the form asks about the value of property, it means the value of what you inherited, the 1/4 interest in the house.
 
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