Our clients inherited a house from their aunt on 9th January 2006 however her first cousin was granted a right of residence at this time and our clients did not come into possession of the house until his passing on 9th August 2015. We are satisfied that for CGT purposes there is no liability as the Revenue have advised that the OMV is at 9th August and there was no change in the MV up to the date of sale in March 2016. The Revenue examples with Right of Residence do not show examples where the CAT rates have changed although it does stipulate that the original threshold applies. So ultimately our questions are: is the CAT liability on the Market Value in 2006 or in 2015 and is CAT chargeable at 20% or 33%? In addition to this ROS Offline is calculating a surcharge for late filing and we are not sure if the cousin should have paid something when he inherited the Right of Residence. He was 83 at the time.
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