children doing a CAT return

[bonny]

My dear Dad passed away last year, he was a British citizan living in the UK. His estate has been taxed in the UK.

I have made an instrument of variation to pass on some money of his due to me straight on to my kids which is legally binding in the UK.
So in effect he left both my children €35k each and the rest to me. Around €450k. Above the CAT thresholds but should be relieved by the double taxation agreement. My question is how do we go about doing this on ROS?

Do we need to do return each or can we do it as a family?


Any advice greatly received.

Bonny

 

[Joe_90]

Don't know if the variation will work in Ireland.
If you are the sole beneficiary of the residue if the estate I understand that you are entitled to the estate tax paid in the UK.

You will be deemed to have inherited the estate and a return will be due on that. So parent to child exemption €250k balance at 33% with the credit for UK tax paid.

You have then made a gift to your children which is well below the threshold so no return or tax is due assuming no prior gifts.