Exemption for inheritance of home property ?
An exemption from CAT for inheritances of dwelling houses in certain circumstances.
In order for this exemption to apply, all of the following conditions must be satisfied:
1 the dwelling house must be the principal private residence of the disponer at
the date of his or her death,
2 the dwelling house must have been continuously occupied by the beneficiary
as his or her only or main residence for a period of three years immediately
preceding the date of the inheritance,
3 the beneficiary must not be beneficially entitled to any other dwelling-house,
or to any interest in any other dwelling-house, at certain specified dates, and
4 the beneficiary must continue to occupy the dwelling house as his or her only
or main residence for a period of six years after the date of the inheritance.
Note this only applies to inheritances and not gifts
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie