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Ask Buachaill Your Own Question
Buachaill
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10458
Experience:  Barrister 17 years experience
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Maybe you can helpmy sister recently inherited a 25%

Customer Question

hello, maybe you can help
my sister recently inherited a 25% share in a property with 3 of our cousins. the property is valued at 80-100k. The grant of probable is imminent. One of the cousins wants to buy the property and we wondered if it was valued at above the value in the probable would they have to pay cut on it? Thanks,
Mary
Submitted: 2 years ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 2 years ago.
1. If the sale is carried out, then it should be carried out at market value. So too should the attributed value in the probate be the market value. Complications arise if you wish to sell the property at above or below the market value. If the sale is carried out at below the market value, the the value attributed to it will be the market value for tax purposes. So this will mean that one or other side in the transaction will have to pay more tax to the Revenue, whether it is on the realised gain upon receiving the property for below market value or if it is upon realising more than the market value upon sale. These tax charges arise because the Revenue attribute the market value to the property when a sale occurs and clawback provisions arise if you are selling the property at a price other than the market value. In certain instances, the tax charge will only arise upon the date of subsequent sale. If you employ a solicitor to do the conveyancing, they will inform you of the situation. Be aware that the solicitor in the probate is obliged to report all matters to the Revenue in relation to any transfer as he or s/he is a reporting authority for the Revenue so you may find your solicitor is under an obligation to report the true situation to the Revenue.