Partner inhertitng a pub, what are the costs?

C

caddy

Guest
My partner will be inheriting a small country pub in the near future from a relative of his who is very sick. The illness has devasted the family so the last thing anyone wants to talk about would be the cost to keep the pub going, we were just wondering if anyone could let us know if there is inheritance tax or any other such costs involved in inheriting the pub.

We would also like to know if it would be necessary to do some renovation work on the pub as it was mentioned at one stage that if the pub did change hands the old timber ceilings may not pass the fire inspection.

We would really appreciate if anyone could give us some information

Thanking you in advance
 
Generally far as i know depends on the relative, ie a business can pass to a direct descendant - i.e Son/Daughter/Spouse without much tax implication.

Aside from that there probably would be some tax implication - www.revenue.ie has the details or if you want pm me the specifics and ill check it out.
 
There is relief for sons, doughters, nieces and nephews. There is also business retirement relief, but you must have worked in the pub.
It is likely she will be liable for capital acquisitons tax, but i would seek professional advice.

Tony
KDA Accountants
www.kdaaccountants.ie
[email protected]
 
Hi andrewol and KDAman,

thank you both so much for the advice you have both given us, the revenue website was a good one to look at and we have the relevant sections printed off inc the detail about the capital acqisitions tax, we will study it again, its a little complicated when you are not used of that scene so andrewol, i might take you up on that offer to pm you more details if we need more advice, so again guys thanks a million for affording us your time, it was really appreciated
 
caddy said:
Hi andrewol and KDAman,

thank you both so much for the advice you have both given us, the revenue website was a good one to look at and we have the relevant sections printed off inc the detail about the capital acqisitions tax, we will study it again, its a little complicated when you are not used of that scene so andrewol, i might take you up on that offer to pm you more details if we need more advice, so again guys thanks a million for affording us your time, it was really appreciated
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The main benefit of posting your queries on the public forum here (instead of sending PMs) is that you will get more than one point of view on the query. None of us are infallible, so it is always useful to get multiple views.
 
You may also need to get the licence transferred into your name. talk to a solicitor with experience in the licensed trade.
 
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