I am confused! Which of these forms, CG1 or IT38 is the correct one for a beneficiary to use following sale of property when submitting details to claim tax threshold credits. Also, what proof do the Revenue require to show that the claim is genuine?
Capital gains/losses are reported using Form 11 or Form 12
Payment of Capital Gains Tax is reported using CG1
Gift/Inheritance taxes are reported using IT38
I had a situation where both return forms were required.
Inheritance and sale of said property.
3 different administrations and probates.. took 3 years to complete.
It was highly complex.. I had to employ a tax specialist.
Instead of a liability of 130k ,it was reduced to 80k.