Inheriting UK property

[philipb]

I am inheriting a share of a property in the UK, which is being sold. Will I have to pay inheritance tax on my share of the money? (I am a UK national, but resident in Ireland).

 

[ramble]

Inheritance tax in UK is paid on the estate, in Ireland it is due by the individual, whether you have any liability in Ireland depends on a number of issues such as the amount of the inheritance , and the relationship of the person who died to you. You can offset UK tax against Irish tax, but this is complex and not a straightforward set off of amounts as you might expect. Your domicile may also be relevant.

 

[Marie]

As the previous poster wrote, tax is on the estate. This is subtracted and the remainder dispersed to beneficiaries. The threshold for CGT is much lower than in Ireland. You might find this section of the UK Inland Revenue website helpful and if you browse you'll find information on double-taxation agreement and 'resident but not ordinarily resident' status. If the legacy is likely to be sizeable getting advice from a professional might be a good investment!
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