declaring inheritance to revenue (80%)

G

Ger

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The obligation to make a return to the Revenue Commissioners rests with the person who receives the gift. A IT38 Return (Inheritance Tax/Gift Tax Return) must be filed when a gift either by itself or when aggregated with prior benefits taken by the donee, exceeds 80% of the appropriate tax-free amount. http://www.revenue.ie/en/tax/cat/leaflets/cat2.html
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I have done as requested above and registered with ros(revenue) and completed a short form it38. However, I have siblings in similar position who are abroad (one permanently, the other for a few months) who are wondering if this needs to be done at all or before the Nov 10 deadline.
What are the penalties for not completing this on time?
Note, there is no tax actually to be paid.
 
I don't understand; if there's no Inheritance tax due why did you file an IT38?

Revenue are notified via the CA24 & in my experience send out a pre-printed IT38 for you to complete & pay tax.
 
There's an obligation to submit a tax return once you hit 80% of the relevant tax-free threshold, notwithstanding the fact that no tax liability arises.
 
Thirsty said:
I don't understand; if there's no Inheritance tax due why did you file an IT38?

Revenue are notified via the CA24 & in my experience send out a pre-printed IT38 for you to complete & pay tax.
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We were advised by solicitor at that time that there was a requirement to submit a return as although we were receiving a relatively small inheritance, we had exceeded the 80% aggregate threshold (due to a previous inheritance from an uncle) and that it was each individuals responsibility to do this.
 
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