Inheritance Tax

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noel123ie

Registered User
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162
Hi all,

Can you please advise of rates and taxes I will be liable for when I recieve my inheritance.

It will include land, property and monies just to give ye some idea.

Just trying to do some forward planning

Any help would be gratefully recieved
Noel
 
You will find most of the answers [broken link removed].

In short, it depends on who is leaving you the assets.

The tax payable is 20%, but only if the inheritance is above certain thresholds.

If the amounts invloved are significant, you may wish to engage professional advice to minimise any liabilities.
 
You should also note that the tax free thresholds are cumulative, so any inheritance you got in the past will eat into them.
 
Hi
If the Thershold is lets say 450,000.For a married couple is it then 450,000 each.If my wife gets 300,000 inheritance and i get 400,000 are we still under the limit or are do we have to pay tax on the 250,000.
Cheers
!RAY
 
Marital status has no bearing on inheritance tax (except for the fact that there is no tax on gifts/inheritances between spouses). Your threshold for each category is YOUR threshold. If you get a gift or inheritance, it does not impact on your wife.
 
Inheritence tax is an individual tax. There is no concept of married couples. Each can inherit up to 450,000 tax free from their parents - note I said parent not in-laws
 
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