beneficiary - nieces who are UK citizens & also Irish citizens

[Dublin10]

I do not have children so want to leave my house and whatever cash I will have at time of death to my three nieces all of whom are UK citizens (they are also Irish citizens because their mother is Irish). I know that the UK system is different to ours but what is the best way of ensuring that they can receive their inheritance in the most tax efficient way possible? Thank you in advance.

 

[Dr Strangelove]

Citizenship is probably not relevant.

Do they all live in the UK

 

[jpd]

Assuming you live in Ireland, there is not a lot you can do to alleviate the CAT tax which will be due.

It will depend how much, if any, gifts or inheritances they will have received from other category B relatives

 

[Dublin10]

Citizenship is probably not relevant.

Do they all live in the UK

Yes they live in the UK

 

[Pinoy adventure]

Could you begin too make use of the small gift allowance now ?

 

[Dublin10]

Could you begin too make use of the small gift allowance now ?

Possibly yes, I just wondered if that was the best way to go as my nieces are in the UK...is this relevant?

 

[jpd]

No

 

[hazelgreen]

I would have thought the domicile of the beneficiaries would dictate what tax regime applied and in this case UK so no tax to be paid by the nieces.

 

[jpd]

Not for inheritances from an Irish estate - they may get a tax credit for any taxes paid overseas. As Inheritance tax in the UK is paid by the Estate and not the beneficiaries, there is no tax due to the UK tax authorities, so no tax credit