Inheritance tax and pub

[duchalla]

Hi,

My mother in law was left a pub by her aunt about 25 years ago. The building was in need of repair, so a loan was taken out to do this. Mother in law never worked the pub, she rented it out to cover the loan. Theres about 3 or 4 years left on the loan.
My mother in law wants to will/gift my wife the pub. At some stage in the future my wife and I would like to take over the running of the pub. With a rise in inheritance tax on the way, What would be the most tax efficient way of my mother in law giving her daugher the pub?
We're meeting a solicitor on friday to discuss this, but if anyone could give me a quick heads up before this I'd appreciate it.

Cheers ,

duchalla

 

[Joe_90]

But there are a number of taxes to consider

Capital Gains Tax:
The gift of the pub is subject to CGT.
http://www.revenue.ie/en/tax/cgt/leaflets/cgt1.pdf
Be aware of the need to get a CG50 Clearance Cert in certain circumstances.

Capital Acquisitions Tax:
The gift is subject to CAT. You need to investigate if the property will qualify for Business Asset relief.
http://www.revenue.ie/en/tax/cat/leaflets/cat5.html

Stamp Duty:
The gift is subject to stamp duty. [broken link removed]

C.
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