Question asked:

0
0

Hi Alan, I have a client receiving by gift his parents house (€150k) but the parents retain an exclusive right of residency until their passing. For Capital Acquisitions Tax purposes, does my client receive a taxable gift now at transfer date or only at date of passing of his parents? Regards, Paul.

Marked as spam
Posted by (Questions: 40, Answers: 17)
Asked on 28 June 2020 12:02 am
9 views
0
Private answer
If the right of residence is exclusive as you state, this amounts to a life interest for your clients parents. In turn this means that your client will not become beneficially entitled in possession to the property until their passing so no benefit arises until that time.
Marked as spam
Posted by (Questions: 6, Answers: 40)
Answered on 28 June 2020 8:53 pm