The Gazette 1994

GAZETTE

JULY 1994

P R A C T I C E

N O T E S

certified copy. (If the counterpart or certified copy is not lodged the Land Registry will retain the original);

Leases Carved out of Folios

Probate Tax - Testamentary Expenses

There appears to be amongst the profession, generally, some misunderstanding regarding the above and, accordingly, the Conveyancing Committee has deemed it necessary to issue a practice note covering the position which arises in relation to apartments/flats/commercial properties where the title consists of a lease carved out of a folio. The folio may be freehold or leasehold. 1. If one opts to have the lease registered as a burden on the folio (the lease should contain a consent by the lessor to the registration of the lease as a burden) there must then be opened in the Land

The Taxation Committee has received the following letter from the Revenue Commissioners: "The Revenue Commissioners accept that the definition of "reasonable funeral expenses" for purposes of Capital Acquisitions Tax must reflect the current norm in this area. In this regard reasonable disbursement on foot of funeral meals and grave/headstone expenses will be allowed as a deduction for purposes of both Probate Tax and Inheritance Tax. I might add that when revising the Inland Revenue Affidavit we will adjust any reference to reflect this position.

(b) affidavit of discovery;

(c) verified hand search in the

Registry of Deeds against the purchaser/borrower from the date of the lease. The property searched against must include the description " . . . and being part of the lands comprised in folio . . .";

(d) a judgement search against the borrowers;

(e) if there is a loan, a mortgage and counterpart or certified copy;

Registry a new leasehold folio. (See section 70 Registration of Title Act, 1964.)

( 0 the usual statutory

declarations re the Family Home Protection Act, The Family Law Act, etc.;

Yours sincerely,

Registration is not mandatory under the Act but is advisable.

Pat Burke, Principal Officer,

(g) Land Registry fee to cover the registration of the lease and mortgage of £30.00 (first registration).

2. In order to have the new leasehold folio opened it is necessary to lodge the following documents in the Land Registry:-

Capital Taxes Branch, Office of the Revenue Commissioners."

Taxation Committee

•

Conveyancing Committee

•

(a) lease and counterpart or a

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