Inheritance

[dazza21ie]

Ok fair enough about the idiots comments but I find it really irritating when when people give ill-advised information.

As for me being wrong about the €3,000 being taken off an inheritance, I'm sure you'll be delighted to know that I am in fact correct.

If I could refer you to CATA76 S53 and CATCA S69 and as Graham mention S69 CATA 2003:

Just to clarify the point for anyone who hasn't got legislation beside them, the €3,000 cannot be taken off an inheritance! The OP speaks of inheriting a house etc... Therefore in computation he will not be able to deduct the €3,000

As I mentioned before, the name of the exemption is the small gift exemption. A gift is not an inheritance. So in the situation of a gift the €3,000 can be taken off the total amount, naturally various restrictions apply.

Should anyone need further information on Capital Acquisitions Tax I recommended you seek professional advice because the information given in this thread does not appear to be particularly accurate.

Sherman it might be worth while reading the relevant legislation or purchasing a taxation summary and reading it thoroughly.

Iceman

Perhaps you should read the thread fully before jumping in and calling people idiots. The reference to the small gift exemption was in fact correct and you made a very lame attempt at apologising.

 

[Iceman732]

Perhaps you should read the thread fully before jumping in and calling people idiots. The reference to the small gift exemption was in fact correct and you made a very lame attempt at apologising.

Dazza,

I so so sorry!! You have to love father Jack!

 

[Lorlo]

Hello, I would really appreciate some advice thanks. An elderly relation wants to leave his house to be jointly shared between myself and my daughter (now aged 13) when he dies. While it is the nicest thing anyone can do for you, I'm sick with worry. He wants to include a clause in the will stating that we cannot sell the property until my daughter is aged 21. The reason I am so worried is that, combined with my own house, I will have what will effectively be a second mortgage because of the scale of inheritance tax I will have to pay and won't be able to afford this. Does anyone have any suggestions where it could work out ok. I'm in a position where I am going to have to refuse his offer if it comes to that.

 

[4th estate]

Hello, I would really appreciate some advice thanks. An elderly relation wants to leave his house to be jointly shared between myself and my daughter (now aged 13) when he dies. While it is the nicest thing anyone can do for you, I'm sick with worry. He wants to include a clause in the will stating that we cannot sell the property until my daughter is aged 21. The reason I am so worried is that, combined with my own house, I will have what will effectively be a second mortgage because of the scale of inheritance tax I will have to pay and won't be able to afford this. Does anyone have any suggestions where it could work out ok. I'm in a position where I am going to have to refuse his offer if it comes to that.

You could rent the house out until daughter reaches 21. The rental income will be subject to Income Tax although I don't think any will be due from your daughter.

The rental fund could pay for the Inheritance tax over 5 years on a statutory instalment arrangement with Revenue. Or you could take out a mortgage over a few years, with the rental income more or less covering the cost.

 

[Lorlo]

Thank you 4th estate. for the advice. Yes I suppose that that would be the best and possibly my only option, just I am currently a one income household that is managing just fine, I worry about how another mortgage would impact my life and my daughters if I were eg. to lose my job!