Vol. 443 No. 1
47 Mr. G. Mitchell asked the Minister for Finance if a house which has been left to a person (details supplied) in Dublin 12 by his late mother in a valid will can be transferred to this person without cost in view of the fact that this person's only income is unemployment assistance of £59.20; and if he will waive stamp duties in this case.
I am informed by the Revenue Commissioners that when property which has been left by will to a person is transferred into that person's name a number of charges may arise including capital acquisitions tax, CAT, probate tax, stamp duty, probate fees and Land Registry fees. Probate fees and Land Registry fees fall within the responsibility of the Minister for Justice.
In so far as transfers from parent to child are concerned, CAT is normally only payable on amounts in excess of the Class I exemption threshold, currently £174,000. As regards stamp duty, a nominal £10 charge will apply with no provision for waiver.
Probate tax is charged at 2 per cent on the taxable value of the estate where this exceeds £10,150. However, the family home is exempt from probate tax where it passes to a dependent child or relative of the deceased where the dependant's total annual income does not exceed a specified amount, currently £4,023. To qualify as a dependent child, one must be under 18 years of age at the date of death or, if not, be receiving full-time education. A dependent relative is a relative of the deceased who is incapacitated by old age or infirmity. I should add that the relevant legislation in relation to CAT and probate tax enables the Revenue Commissioners to allow a postponement of the tax, including waiver of interest, in cases of hardship. While details of the particular case to which the Deputy refers have not yet been received by the Revenue Commissioners, on a general level such cases are viewed on their individual merits by the Revenue Commissioners in the light of all the circumstances of the beneficiary.
