MAKING YOUR WILL

Implications of dying intestate

Normally tax is based on the market value of the asset being transferred as the gift or inheritance and an allowance is given for all liabilities, costs and expenses that are payable out of the asset.

The lands at Ballynaman, Cloghan, Co Donegal containing approx 49 HA plus entitlements of hill type grazing land with some fields.

LOCAL PROPERTY TAX

We have a few clients that contacted us worried about the fact they felt they over valued their homes when they were filling out the initial LPT form this year and it now leaves them paying €225 when they should in fact be only paying €90 for the full year.

I called out to their homes and carried out a valuation of the property and sent this away to the LPT section and we got an email back from them after a week or so to say that they received the valuation and that they would either pay those people a refund or take it out of the money due for 2014. This is a great saving to those people but there is no point in undervaluing your home as this will lead to bigger problems.

Some 10,000 farmers have received maps from Department of Agriculture in relation to over claims on their lands for this year Single farm payment scheme. 

House holders all around the country have being receiving forms from the Revenue in relation to the Local Property Tax for 2014. This has caused confusion and outrage in the country as it seems like no time ago that we paid this tax for 2013.

It has come to light that anyone who opts to pay their tax by Credit/Debit card will have to pay the money before Christmas and this will mean that they are paying twice in the one year.