inheritance tax

[paulg]

i have enduring power of attorney for an elderly aunt who lives in the uk. She owns her own home and has quite a bit of money put away which will be left to me on her death.I look after all her affairs at present and try to visit four to five times a year.The questions i have are as follows;Can i claim my costs for these visits,flights,car hire,accom etc.Will i be liable for inheritance tax in both uk and here.Would it be possible for me to open a bank account in uk and would it be of any benefit to me to do so?Are there any steps i can take now that will be of benefit to my family and i concerning this matter?

 

[jpd]

Can i claim my costs for these visits,flights,car hire,accom etc.?

Against Irish earned income ? I don't think so.

Will i be liable for inheritance tax in both uk and here.?

Inheritence is taxed quite differently in UK and Ireland. In the UK, imheritence tax is levied on the dead person's estate not on the recipients as in Ireland. So, your aunt's estate may/will be liable for tax under UK inheritence law. You will be liable under Irish law for any bequest received. You may be able to offset UK taxes against Irish, but you need professional advice on this.

Would it be possible for me to open a bank account in uk and would it be of any benefit to me to do so?

You will probably have to opan an executor's account at some time in the future but unless you need one now ...

Are there any steps i can take now that will be of benefit to my family and i concerning this matter?

Talk to a specialist in Irish/UK inheritence law and taxes