Not a tax expert by any means and looking for a bit of a steer on this.
Situation is 5 siblings have inherited an equal share in a property from an aunt's will and have decided to sell the property. The proceeds from the sale takes each sibling within 80% of the applicable group threshold. So the IT38 has to be completed.
A few years ago an uncle of the same siblings on the other side of the family died intestate, leaving a small farm and farmhouse. There was one surviving sister of the deceased uncle and the 5 siblings were the only other surviving relatives, so the understanding is that the sister inherited 50% and the 5 siblings inherited one fifth each of the remaining 50%. One of the siblings used the farmland on agreement from the others, and it was agreed that the others would sign over their interest in the property to the one sibling who was using the land. Due to a solicitor having let's say disciplinary issues in relation to other unrelated cases and none of the siblings being in any rush to do anythign about it, this has still not happened. My understanding is the deceased uncle's name is still on the land deeds.
Question is how the inheritance of the farmland and house is dealt with from a CAT point of view. Is it a matter of looking at a valuation of the property as of the uncle's date of death? A valuation of €130,000 in total has been mentioned though I've yet to see documentation on this.
Situation is 5 siblings have inherited an equal share in a property from an aunt's will and have decided to sell the property. The proceeds from the sale takes each sibling within 80% of the applicable group threshold. So the IT38 has to be completed.
A few years ago an uncle of the same siblings on the other side of the family died intestate, leaving a small farm and farmhouse. There was one surviving sister of the deceased uncle and the 5 siblings were the only other surviving relatives, so the understanding is that the sister inherited 50% and the 5 siblings inherited one fifth each of the remaining 50%. One of the siblings used the farmland on agreement from the others, and it was agreed that the others would sign over their interest in the property to the one sibling who was using the land. Due to a solicitor having let's say disciplinary issues in relation to other unrelated cases and none of the siblings being in any rush to do anythign about it, this has still not happened. My understanding is the deceased uncle's name is still on the land deeds.
Question is how the inheritance of the farmland and house is dealt with from a CAT point of view. Is it a matter of looking at a valuation of the property as of the uncle's date of death? A valuation of €130,000 in total has been mentioned though I've yet to see documentation on this.