Yes, if you want to get good advice. There may be ways to achieve the same end and minimise tax for everyone.If the reason important?
You shouldn't think of it as switching names. This is a legal transfer of part-ownership and this will involve solicitors for both parties and paying stamp duty to Revenue on the market value of the transaction.We want to switch my sister's name with our mother's name.
You would get a professional valuation.How would that be calculated?
Yes, and a gift from child to parent is exempt from CAT up to the value of €35k.Would this consider as "gift"?
Are you sure?Yes, and a gift from child to parent is exempt from CAT up to the value of €335k.
Yes, If the transfer is from a living child to parent group B applies leaving a very large tax bill due.Are you sure?
Group A also applies to parents who take an inheritance from their child but only where the parent takes full and complete ownership of the inheritance. If a parent receives an inheritance where they do not have full and complete ownership of the benefit, or if a parent receives a gift, then Group B applies.
My bad. I've corrected it now.Group A also applies to parents who take an inheritance from their child but only where the parent takes full and complete ownership of the inheritance. If a parent receives an inheritance where they do not have full and complete ownership of the benefit, or if a parent receives a gift, then Group B applies.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?