IPT Exemption

[veejay29]

Hi Nigel,

Reading the article about IPT, there is still some confusion on the joint owner bit. Can you advise how it would work for me.

the value of my property is 20,000 Euros. Its jointly owned between me and my wife so since our individual share is less than 12,500 are we exempt???
or
this is how they it will be worked:
10,000 x 0.6% = 60 Euros (me)
10,000 x 0.6% = 60 Euros (my wife)

We need to pay a total of 120 Euros. Also is this tax to be paid every year ???

Much appreciate your advise.
Thanx
Vijaykumar

[Nigel Howarth]

Hi Vijaykumar and welcome to the forum.

Yes - as your individual shares are less than €12,500 you are both exempt.

Regards,

[veejay29]

Thanx Nigel,

Really appreciate, so being exempted means i should not take any action?or do i need to inform anyone.

I must say all the solutions you provide in this forum are so very helpful....really a blessing in disguise.
Best
Vijaykumar

[Nigel Howarth]

Thanks for your comments Vijaykumar - you don't have to do anything or inform anyone.

Regards,