cottage inheritance

R

rake

Guest
hi lads. wonder if you could help me.

a friend of mine is due to inherit a cottage from his three aunts. one of the aunts is deceased.

the cottage comes with 3 acres of land. it is valued circa 150,000 euro.

three questions.

1) is he subject to no tax, gift tax, inheritance tax or a combination of both, and how much approximately.

2) is there any way to reduce said tax

3) who should he talk to, solicitor or accountant.

my friend does not know much about the internet so that is why i ask on his behalf.

regards rake
 
Assuming that he has not received any other inheritence from another relative, other than his parents, since Dec 1991 then he will be liable for CAT or inheritence tax of

20% of ( € 150,000 - € 52.121 (Group B threshold for 2008) ) = € 19,575.80

The solicitor handling the estate would be a good point of contact (assuming that there is one)
 
He'll need a solicitor to transfer it into his name, won't necessarily need an accountant.
 
See [broken link removed] and go to Indexed Thresholds for Capital Acquisitions Tax - 2008

As this is a group C inheritance/ Gift all inheritances/gifts within that group are added together and tax is payable @ 20% after deducting the treshhold.

JPD - I believe this inheritance is classed as group C. See the link in my post
 
asdfg said:
...As this is a group C inheritance/ Gift all inheritances/gifts within that group are added together and tax is payable @ 20% after deducting the treshhold...
Click to expand...
Looks like Group B to me, he is or will be the nephew of the testator(s).
 
Sorry about that, was also reading from another source where it mentioned grandparent / brother sister as being Group B. Did not mention nephew nieces etc. but the treshhold amount was not undated (2006 only). then a found the link I posted but did not read info
 
lads. thanks very much. will pass on info to my mate. may come back with a few more questions if that is ok.

rake
 
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