Is a life interest taxable?

A

afpk53

Guest
If I leave a life interest in my property to a friend, with the ultimate beneficiary on the friend's death being my favourite Irish charity, does this mean there will be no inheritance tax to pay? (There should also be a small cash residue, but that's below the current tax threshold.)
 
A life interest in property can be taxable yes. Depends on the value as compared to the threshold.
There is a formula which takes into account the age of the friend when inheriting.
 
Gervan, thanks for your reply. Where can I find the formula, please?
 
Thanks to you too, mf1. That was exactly the information I needed to help me make up my mind. This is the first time I've made use of the site and I'm very impressed by the high standard of the service provided.
 
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