Inheritance Tax

[maddogdamo]

Having followed up on the sound advice I recieved in previous post's, I again call on the wisdom of those subscribed to this site.

I have almost completed Probate and I am currently chasing down Judgements on the land registry to finish it off.

I have completed the valuation of the property and monies due to me(as sole inheritor) and these are quite substancial, 700,000 plus, I know the allowance is 480,000ish and I am looking for ways to reduce the Inheritance Tax, I will be due to pay roughly 40,000

I have little in the way of administration costs to write off and I was wondering if the fact I lived in the house would stand to me.

I have interests in another house which is currently occupied by my ex and baby.

I hope there is a way to bend the rules to suit my situation, if any other information is requied please ask away, I am fully open to any suggestions, I will post results of any suggestions as they come along.

 

[mathepac]

For CAT purposes the following are the Group A Thresholds for the current and the previous 2 tax-years, indexed for inflation;
2006, €478,155
2007, €496,824
2008, €521,208.

When you say you have "interests in another house" what do you mean by that? Is it your PPR or could any of the property you inherited be classified as your PPR?

I am unsure as to how moving into the property you inherited could change the CAT situation unless it is classified as you PPR. Were you a tenant in the house or were you the carer for a person who is now apparently a now deceased parent?

 

[maddogdamo]

I am a co owner of the other property, I lived with my mam, worked full time, I suppose I was a carer, she had meals on wheels and home help during the day but I looked after in the evenings