Inheritance

[biviersbabe]

I have inherited a house and money from my aunt (we are 20 equal beneficiairies, the house must be sold), basically, I live in france and I have inherited this in ireland. details below. but bottom line question? after being taxed in ireland and bank transfers etc., how much of this am I going to see? anyone know of a loophole by which I can avoid paying too much tax or bank transfers (keeping money in ireland). I left ireland 18 years ago, I dont have a bank account, nothing in that country. thanks for your advice

I have received a letter from her sollicitor saying that I am one of 20 beneficiaries to her will (all her estate). this is a house, a current account and a savings account. I could receive about 50.000euros.
I live in France and I need some advice. I have mangaged to find that the irish state shall retain 20% inheritance tax.
1. Am I taxed in Ireland or in France (the tax office told me I would be taxed in 1 or other, starting off by being taxed in both and then I could claim credit from one or other, but he couldnt tell me which)?
2. the irish tax office told me I would need a PPS (i have never worked in ireland, left when I was 18), is this a way for the tax office to ensure I pay the taxes in ireland and not in france? (he said "no pps, no inheritance")
3. should I (do I need?!) open an Irish bank account and keep the money in ireland?
4. Do I get taxed (in France or in Ireland) on revenue i.e. getting taxed firstly on benefitting from the inheritance and then when I declare the revenue on my tax return, in france this is done Calendar Year + 1)

Help help help.

Basically, if I get taxed 20% on benefitting from the inheritance and 24% on tax revenue and then another10 or 20% is taken from a bank transfer from Ireland to France, is it worth my while picking up this inheritance.

 

[Vanilla]

I don't know the situation in France but this is what will happen here:

You will need to get a pps number here as the estate cannot be processed without all beneficiaries submitting their pps numbers. You are correct in that this is a revenue safeguard to ensure all pay taxes where necessary.

Then you are entitled to take approx 46k from an aunt prior to paying tax on balance at 20% assuming no prior gifts or inheritances and you are also entitled to take into account all fees expenses etc.

Effectively what will happen is that the executor will ensure that your taxes, if any, are paid in Ireland and will then pay out your net benefit to you. It is then up to you to deal with the French tax system.