Inheritance from Aunt/Uncle

S

Starlight

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Hi, I was brought up by Aunt and Uncle as both parents died when young.I was never formally adopted but I lived with them from age of 6 and as far as I know, they were my legal guardians.They have no children of their own and as an only child, have willed me their home .
I am now married and own my own home.
My question is when the time comes (both still alive), will I pay inheritance tax as a niece or child? They are wondering is their anything they can do now, to ensure that inheritance tax is as daughter , not a niece. Or is this not possible as there was no formal adoption?
Thanks in advance
 
Effectively your uncle and aunt were 'in loco parentis' to you. When they make their will, they should specify this clearly in their respective wills. On their death an application can be made to the revenue to treat you as their child. I've seen this done successfully in cases similar to yours in the past. Joe90 is correct too to say that professional advice should be sought but also by your uncle and aunt, not just by you.
 
Thank you for your replies. My Uncle has spoken to solicitors about it and it states very clearly in will that I am to receive their assets. I have not really thought I'd it too much as don't like to think of their passing. It is more of their concern.
Is it more of an Accountant s (taxation) issue or legal? What professional would best answer their concerns? They say they would prefer it to be sorted now, than for me to discover on their passing, that they could have made it easier for me. They are both in their 70s.As I said, it has not really ever worried me, but of course I have to be sensible!
 
Either a STEP solicitor or a CAT specialist, I would imagine. It could lead to a very substantial tax saving so well worth investing in expert advice.

STEP= http://www.step.ie/
CAT= capital acquisitions tax: all the big accountancy and legal firms will have a specialist, and many of the smaller ones.
 
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