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Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10115
Experience:  Barrister 17 years experience
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Innherated money. aunt living in england 60 years .i live in

Customer Question

innherated money . aunt living in england 60 years .i live in ireland how willtax apply
JA: Since estate law varies from place to place, can you tell me what state this is in?
Customer: i am living in ireland
JA: Have you talked to a lawyer yet?
Customer: no
JA: Anything else you think the lawyer should know?
Customer: no
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Submitted: 3 months ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 3 months ago.

1. There is a Double Taxation agreement in place between Ireland and Britain which covers estate and succession taxes. Accordingly, if your have been assessed for tax in the UK you won't get taxed a second time in Ireland. Under English law, you have tax paid by the estate, not by the individual, with all estate taxes being paid before there is a distribution. Under English law, the first £325,000 is tax free. After this sum, Inheritance Tax is paid by the estate depending upon the liability of each individual beneficiary to tax. Accordingly, the solicitor to the estate will be able to tell you the value of the estate and the liability to tax of each individual inheritance. However, the important point is that you will get taxed on your inheritance under English law. A fresh liability to Ireland's Capital Acquisitions Tax will not arise once you have paid or been assessed for English Inheritance Tax.

Expert:  Buachaill replied 3 months ago.

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