Told by whom - Revenue, a tax accountant, a guy in the pub?... My relative is one of the people with a 25% share but has now been told they are liable to tax at the original valuation, which would amount to 18K. ...
Told by whom - Revenue, a tax accountant, a guy in the pub?
I wouldn't argue with that, all of which may leave the executor liable for the losses incurred by the other beneficiaries if they choose to take action against him. The normal expectation (from a legal and Revenue perspective) is that the the estate gets finalised within 12 months. If there were exceptional circumstances that delayed matters, the executor needed on-going contact with Revenue, explaining those reasons. It may now be too late, but appealing the decision may still be possible, but it cannot be delayed.... it now appears the excecutor made a mess of the whole thing.
registered the property at the time at its current value at 500K.
Am I correct in saying that the beneficiaries chose to have the property registered in their names rather than having it sold within 12 months as an executors sale?
I think what happened in this case was that other siblings were not aware of any financial implications and just assumed they would be liable for some tax when the proprty was sold.
The relative I am asking the question on behalf of is a good person and was afraid to push the executor at the early stages in case they were seen to be difficult.
One sibling was designated the excecutor of the will and registered the property at the time at its current value at 500K. Through a combination of reasons, the house is still on the market but obviously worth a lot less than 500K, possibly 250K max.
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