New tax on Intesate estates?

[Thirsty]

A friend at work is insisting that a new law was brought in last year taxing any estate where there is no will at 25% before any bequests are paid.

I've never heard of any such thing, and I can't imagine it would have been made law so quietly and no discussion or debate.

Is there something else that could be getting mixed up here?

 

[mf1]

Not to my knowledge and I think I'd have heard.

Go back and ask them for a source. mf

 

[Gordon Gekko]

News to me. Are you based in Ireland and referring to the Irish rules?

 

[Thirsty]

Yes based in Ireland and referring to Irish Laws.

 

[Gordon Gekko]

Yes based in Ireland and referring to Irish Laws.

There is no such rule in place.

Imagine the coverage it would get...the media would be screaming about the importance of having a will.

 

[Thirsty]

Agree, and said as much to co-worker; but they are certain they are right!

I wonder is there anything else they could be getting confused with?

Would probate fees be higher or legal fees perhaps?

 

[huskerdu]

Here's a complete guess - Tax on intestate estates are common in some European countries, I believe. He was told by his co-worker who has an apartment abroad that she was advised to make a will to avoid tax . Either he or she hasn't realised that it's the investment property abroad that is the issue.

Point him to the relevant page on citizensinformation.ie

 

[Thirsty]

Ah, penny dropping - think you could well be right & it's an overseas property/holiday home that's in question.