1
Q
How long do non-domiciled individuals have to wait until they are considered resident or ordinarily resident, for CAT purposes?
A
Five Years
2
Q
For the favourite niece/nephew provision - which business assets apply?
A
- Sole Traders’ business/partnership
- Farm and assets used in farming trade
- Shares in a private trading company (must be wholly, or mainly trading)
3
Q
What are the conditions to qualify for favourite niece/nephew provision?
A
- Must be a blood nephew/niece
- (Re: shares in a private company) - company must be a private company controlled by the disponer, and the disponer must also be a director of the company
- Must have worked on a full-time basis for five years up to the date of gift or inheritance.
4
Q
What are the conditions to qualify for dwelling house exemption?
A
- Dwelling house must have been the PPR of the disponer at the date of his/her death
- Dwelling house must have been continually occupied by the beneficiary for a period of three years, before inheritance
- Beneficiary must not be entitled to interest in any other dwelling house at the date of the inheritance
- Beneficiary must continue to occupy the dwelling house as his/her only main residence for a period of 6 years after the inheritance (This does not apply if the beneficiary is 65 years or older)
5
Q
How can the Dwelling House exemption be clawed back?
A
- The house is sold, and not replaced by another as your main residence
- You no longer live in the house as your main residence (unless due to ill health or employment commitments)
- *All this is only relevant during the six year period after qualifying for exemption**
- Clawbacks do not apply if successor was 65 or older at date of inheritance*
