Stamp Duty on inheritance of brothers land

[zukki]

Hi there, I have been trawling the net but can't find the answer to my question..

My father and 2 of his brothers are inheriting some land from their other brother who has died intestate. It's just rural farm land with no planning permission. Their brother who died had no spouse/children. Will they have to pay stamp duty on this?

 

[mathepac]

...
My father and 2 of his brothers are inheriting some land from their other brother who has died intestate. ... Will they have to pay stamp duty on this?

No, but they will have to pay CAT (Gift and Inheritance tax) @ 20% on anything over the first €52,121 (2008 figure) each they receive.

From the Revenue site :

"Gift Tax and Inheritance Tax

Gift tax is charged on taxable gifts taken on or after 28 February, 1974, and Inheritance Tax is charged on taxable inheritances taken on or after 1 April, 1975. An inheritance is a gratuitous benefit taken on a death and a gift is a gratuitous benefit taken otherwise than on a death.

The tax is charged on the taxable value of the gift or inheritance. The taxable value is arrived at by deducting from the market value of the property comprised in the gift or inheritance permissible debts and incumbrances and any consideration paid by the beneficiary.

Once the taxable value of the gift or inheritance has been determined the amount of tax payable will depend on whether the appropriate tax-free threshold has been exceeded. The rates of tax are as follows-

* The threshold amount - Nil
* Excess 20%

(See Indexed Thresholds Table below for calculation of Gift Tax & Inheritance Tax, exemptions etc.) "

 

[zukki]

Thank you very much for your help. They are below the threshold for inheritance tax so that's good news!