Tax

P

pc2001

Guest
A brother and Sister own land the Sister dies and there is no will, is the Brither Liable for Inheritance Tax or Capital Gains tax and are there any ways for excemptions
 
tax on assets

No Capital Gains Tax unless the land is sold.

You have to dispose of an asset to make a gain.

As to any other asset, it depends on who inherits the half-share in the land. Need to know has the sister a husband or kids, etc.
 
inheritance

OK, so the sister has no husband or children. Her only relative is her surviving brother.

She owned a half-share of a piece of land with him. No will made.

I AM NOT AN EXPERT, but it seems he would automatically inherit the land, as he is the only relative.

As to tax, well he may have to then pay Capital Acquisitions Tax (CAT), as he has just acquired the asset. This depends on the value of the land.

He can inherit (or be gifted) up to about €45,000 tax-free from a sibling. After that, he would pay CAT at 20%.
 
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