John Perry
Question:146 Mr. Perry asked the Minister for Finance if he will intervene on behalf of a person (details supplied) in County Sligo and reduce the probate tax due; and if he will make a statement on the matter. [6832/01]
Written Answers. - Probate Tax.
I am informed by the Revenue Commissioners that the relevant papers do not yet appear to have been presented to capital taxes division. Without such papers, it is not possible to give a definitive view regarding liability to tax.
The general position is that the valuation date for the purpose of calculating probate tax is the date of death. The tax is payable by law and the Commissioners have no power to waive or reduce the amount due. However, there is provision in the legislation for deferral of probate tax in cases of hardship or where the estate is illiquid. Any application for deferral will be considered fully in the light of the applicant's financial circumstances on presentation of the inland revenue affidavit and the probate tax self assessment form.