I was going to say I think interest is due from the date of Probate + 6 months, but Page 4, Question 11 of IT38 states interest is due 4 months from valuation date. I have not read through the whole document.
I have experienced having to wait years before solicitors (large well know company) got around to finalising some inheritance due to me. Little did I know that the time interest was building compounded monthly. They also calculated the interest from the date of death. On 'independent financial advice...' (Cubman's favorite phrase
) and Ringing Revenue (they can be very helpful!) I bypassed the solicitors and sent a cheque directly into Revenue without the interest, stating that I thought I did not have to pay it due to delays by the solicitors, useless executors, delays in Probate, etc. They wrote back looking for evidence to back it up. Sent them photo copies of my pile of paperwork, plus some more I got from he solicitors and never heard another word.
In your case I would take matters into your own hands, get the object valued by your self. Then ring the Gift/Inheritance Tax section of Revenue (it may take a few tries to get someone good) tell then your story and ask how they handle inheritance tax when another person has beneficial use. They probability have a written formula/guidelines, so look for a copy of it. Fill out the IT38 Form (attached above) and make the return (if any).
Looking at IT39 ([broken link removed] ) page 11, Part 3, Section 1 “In the case of an inheritance, a person is deemed to take an inheritance where he/she becomes beneficially entitled in possession” That may mean that no inheritance actually takes place until the other person, with “beneficial use”, hands over to you. Again ask Revenue, they give free advice, but just be carefull and look for paperwork to back it up, because it is sometimes wrong.
Towger