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Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

fa­ther died re­cently and left me his home. When he died, I had to fill out a CA24 form — to give an ac­count of his es­tate to Rev­enue. I filled out the CA24 form about a year ago and am now sell­ing my late fa­ther’s home. The value of my fa­ther’s home has in­creased sub­stan­tially over the last year. If I sell his house at a higher price than de­clared on the form CA24, is this in­crease in price li­able for Cap­i­tal Gains Tax (CGT)? If so, is it pos­si­ble for me to change the es­ti­mated value of the house as stated on the CA24 a year ago to to­day’s value? Sea­mus, Co Done­gal YES, any in­crease in the value of your late fa­ther’s home since the date of his death is li­able to CGT. The cur­rent rate is 33pc. I as­sume you are not liv­ing there — but if you were liv­ing in your fa­ther’s home, the ‘prin­ci­pal pri­vate res­i­dence’ ex­emp­tion might ap­ply.

If you think you have un­der­val­ued the house when fill­ing out the forms for your fa­ther’s es­tate, then you can use a cor­rect val­u­a­tion to com­pute the CGT in­stead.

The best idea is to get an es­tate agent to give you a for­mal val­u­a­tion for the rel­e­vant date.

If the cor­rect val­u­a­tion is sig­nif­i­cantly higher than the ear­lier val­u­a­tion, there could be some knock-on im­pli­ca­tions.

For in­stance, if you were sub­ject to in­her­i­tance tax, then the in­creased val­u­a­tion would mean you may have to pay more in­her­i­tance tax — with in­ter­est and penal­ties for late pay­ment.

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