We have the following situation.
A lady died on the 10/11/2010 leaving her will as follows:
She left a house valued at €150,000 equally between Daughter 1 and Daughter 2.
She left an apartment valued at €30,000 to Grandson 1 ( Son of Daughter1 ) and Grandson 2 (Son of Daughter1) ( They are brothers and the children of Daughter 1).
The proposed Deed of Family Arrangement will confirm that Daughter 1 is gifting her share of the house (€75,000) to her son and that Daughter 2 is selling her share to him for €75000.
One of the brothers is gifting his share of the apartment to his other brother.
In effect one of the sons is going to own both the House and Aptartment – Getting 50% of the house gifted to him and buying the other 50% and getting 50% of the Apartment gifted to him and has already had the other 50% left to him in the Will from his grandmother.
Our clients have had advice that no CGT or CAT would be applicable on the above arrangement.
I am not sure and was wondering could you clarify the situation.