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Ask Buachaill Your Own Question
Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10525
Experience:  Barrister 17 years experience
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My mother died recently. I am executor of her will. She has

Customer Question

My mother died recently. I am executor of her will. She has left my brother the use of her dwelling house for his life. The house is on the farm he owns The house on his death goes to our nephews. Has he to pay a tax to the revenue for living in this house
for the rest of his life. The house is valued about 50000 euro. He has lived in this house all his life. His only income is from the farm.
Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 1 year ago.

1. The value of the right of residence your brother has over the house is not going to be valued at very much. If the value of the house is 50k, then the right of residence is probably only worth 15k at most. Accordingly, this would be the taxable value for inheritance purposes. Secondly, the issue of whether your brother pays Inheritance tax on this value depends on whether the total lifetime gifts your brother has received from his parents exceed 280,000 euros or not. There is a lifetime exemption from INheritance tax or Capital Acquisitions TAx to give it its correct name of 280,000. Be aware that your brother would have to exceed this sum for the total value of gifts and inheritances he received in order for tax to be payable. So you will need to chat with him and ascertain the value of gift and inheritances he has received to date.

Customer: replied 1 year ago.
He was given the farm by our parents in 2 lots
1 Late 1970
2 early.1990 on the death of my fatherHe has lived in the family home all.his life
And now on death of my. Mother she leaves him a lifetime interest in the house2
Expert:  Buachaill replied 1 year ago.

2. Well so long as the value of the land, taken at the time your brother inherited it, did not exceed 265,000 euros, he will have no liability to Capital Acquisitions Tax (Inheritance Tax) on his inheritance of the right of residence in the house today.