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Hi everyone, looking for some advice please.
My father was willed agricultural land and a cottage from his uncle who passed away in 1995. My father got the property valued in 1995 for 60,000 Old Irish Pounds. My father has farmed the land and used the cottage solely since his uncles passing in 1995. My father never probated the will and therefore never paid tax or stamp duty on the inheritance (my father assumed incorrectly it was fully sorted out by the solicitor) in 1995. It is now at the stage where my father wishes to sign the property over to me (current day value is €180,000) but it is significantly complicated due to the fact that the property was never properly put in my father’s name in 1995. Our solicitor has advised that the property must first be put into my father’s name prior to signing it over to me. We have been in contact with two Tax Specialists on the tax implications for my father who have given us conflicting opinions. I am aware that I will need to pay 1% stamp duty but no CAT as its under the current threshold of €335,000. I have a few queries:
· Will my father be liable for tax (stamp duty & CAT) that he should have paid in 1995 or the current tax rate?
· Will the Favourite Nephew Relief apply even though the will is only being probated now?
Thanks in advance
My father was willed agricultural land and a cottage from his uncle who passed away in 1995. My father got the property valued in 1995 for 60,000 Old Irish Pounds. My father has farmed the land and used the cottage solely since his uncles passing in 1995. My father never probated the will and therefore never paid tax or stamp duty on the inheritance (my father assumed incorrectly it was fully sorted out by the solicitor) in 1995. It is now at the stage where my father wishes to sign the property over to me (current day value is €180,000) but it is significantly complicated due to the fact that the property was never properly put in my father’s name in 1995. Our solicitor has advised that the property must first be put into my father’s name prior to signing it over to me. We have been in contact with two Tax Specialists on the tax implications for my father who have given us conflicting opinions. I am aware that I will need to pay 1% stamp duty but no CAT as its under the current threshold of €335,000. I have a few queries:
· Will my father be liable for tax (stamp duty & CAT) that he should have paid in 1995 or the current tax rate?
· Will the Favourite Nephew Relief apply even though the will is only being probated now?
Thanks in advance