Revenue have issued me with a temporary PPS number for my late uncle in the uk, I informed them that my inheritance has come from a Discretionary Trust as a percentage of the estate after all.
The UK solicitor told me that the Will was drafted in such a way that tax was paid first by the estate and then after all payment of taxes, liabilities etc the residue would fall into the discretionary trust, that the trustees decided to wind up and allocate to the discretionary beneficiaries.
Would anyone know how much tax i will have to pay, his house was sold and cash sum send to my bank account July 2024.
Also will Irish Revenue ask for bank statements or solicitors proof of amount paid, or just file pay and return online.
I have not involved a solicitor here and find the UK solicitor unhelpful.
The Executors and Trustees are surprised that i have tax to pay on this, the inheritance is well above the old thresholds of €32500
Thank you
The UK solicitor told me that the Will was drafted in such a way that tax was paid first by the estate and then after all payment of taxes, liabilities etc the residue would fall into the discretionary trust, that the trustees decided to wind up and allocate to the discretionary beneficiaries.
Would anyone know how much tax i will have to pay, his house was sold and cash sum send to my bank account July 2024.
Also will Irish Revenue ask for bank statements or solicitors proof of amount paid, or just file pay and return online.
I have not involved a solicitor here and find the UK solicitor unhelpful.
The Executors and Trustees are surprised that i have tax to pay on this, the inheritance is well above the old thresholds of €32500
Thank you