tax on historic intestate land

[mairtin joyce]

My Uncle died intestate in 1981 and i found out recently that he owned 20 acres of farmland. As his only surviving relative i have claimed the inheritance which was valued at time of death as 7000 euro. i have now received the high court probate giving a current value of 47000 euro. I have no idea where these figures came from. But from cursory research the local landowners seem to current think valuation to be about 20k at best (very boggy mountain grazing at best).Do I pay tax for the valuation at death or the valuation from Probate or the valuation of what i actually sell it for.

 

[DannyBoyD]

IANAL

It dates from the time you became the beneficial owner.

I think the threshold for Aunt/Uncle is €16k or thereabouts. But the €47k might be his entire estate & not just the land?

 

[mairtin joyce]

No just the land

 

[T McGibney]

IANAL

It dates from the time you became the beneficial owner.

IANAL either but I understand that this depends in any given case on the circumstances of that case.

I think the threshold for Aunt/Uncle is €16k or thereabouts. But the €47k might be his entire estate & not just the land?

The OP should check with the solicitor who handled the probate application and separately get appropriate tax advice on the inheritance, as it's in several respects an unusual scenario.