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.