Inheritance tax for overseas resident

[AmDodd]

Brains trust,
I’m based in Australia for the last 14 years. Due some inheritance from Ireland and want to avoid having to pay the inheritance tax. I still have my Irish bank account.
Any ideas please?

 

[T McGibney]

Brains trust,
I’m based in Australia for the last 14 years. Due some inheritance from Ireland and want to avoid having to pay the inheritance tax. I still have my Irish bank account.
Any ideas please?

How can anyone answer your question given you've given literally no information apart from the fact that you're living in Australia?

It's generally very difficult to impossible to avoid inheritance tax here and you may have additional tax obligations in Australia, in respect of which you'll need to research there.

Consider getting appropriate professional advice in both jurisdictions.

 

[TomEdison]

Assuming that the disponer — the person who left you this inheritance — was resident or ordinarily resident in Ireland, the inheritance is in principle within the charge to capital acquisitions tax. The fact that you are not resident in Ireland does not, in itself, buy you any exemption.

Are there any other circumstances in your situation that you think might qualify you for some exemption or relief?

 

[AmDodd]

How can anyone answer your question given you've given literally no information apart from the fact that you're living in Australia?

It's generally very difficult to impossible to avoid inheritance tax here and you may have additional tax obligations in Australia, in respect of which you'll need to research there.

Consider getting appropriate professional advice in both jurisdictions.

Thanks

 

[DannyBoyD]

How much, from whom?

You can't avoid tax if its due, thats illegal.

But without more information you can't estimate what, if anything, should be paid.

 

[mathepac]

Under Irish law, the executor must deduct taxes due from any inheritance based on the relationship between the disponer and the beneficiary. That's the simplest version of "inheritance taxes". Failure to deduct the correct taxes may render the executor personally liable for any shortfall.

And again without basic information like the relationship between OP and the disponer, any discussion about taxes is just so much wasted hot air.

 

[T McGibney]

Under Irish law, the executor must deduct taxes due from any inheritance based on the relationship between the disponer and the beneficiary. That's the simplest version of "inheritance taxes". Failure to deduct the correct taxes may render the executor personally liable for any shortfall.

News to me.

Care to elaborate?