Inheritance tax deferral

[Twoflutes]

I am sure its very common for properties to be inherited by children and then those properties are often sold and any tax owed is payed at that time. What happens in cases where wills are contested or court orders are sought to sell, or indeed prevent the sale of properties. Does the Revenue allow for these potential delays in getting their tax ?

 

[Gordon Gekko]

Yes, Revenue will just charge interest at a rate of circa 8% a year. But that’s only from the point at which the benefit is realised and the tax becomes payable. If the thing sits in limbo, no liability exists (yet).