Tax inheritance/probate

[Ccraigg]

Does anyone know, if you inherit funds following the passing of a parent, is it taxed for cgt at source ie once a solicitor processes do they take tax and pay vht to revenue or do you settle yourself at the end of the tax year when you do your cgt return?

 

[DannyBoyD]

You pay it yourself.

 

[ClubMan]

CAT, and not CGT, is the relevant tax here and it's the beneficiary's responsibility to deal with it if anything is due or if a return needs to be made.

Gift and Inheritance Tax (Capital Acquisitions Tax – CAT)

This page gives a general overview on CAT implications on gifts and inheritence.

www.revenue.ie

 

[David_Dublin]

Interesting. The solicitor looking after an inheritance of mine did all the tax stuff, they engaged an accountant. I wasn't Executor. I got the Net inheritance, as did other beneficiaries whose inheritance exceeded thresholds. They submitted Form IT38 on our behalves.