CAT on inherited joint bank account

M

Mijne

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I am an executor on my mother’s estate. I had a joint account with my mother. I have spoken to a solicitor who says it does not form part of the estate and the money is legally mine. I also checked with the bank and they say survivorship was selected on the form and the money is mine. It is less than 50K.

I have inherited half of my mother’s house, the CAT threshold is quite low and the house takes up most of it.

Anything over the threshold I will have to pay 33% tax. Will I have to pay 33% tax on the full amount in the account ie 50K, or as it is a joint account, will I pay CAT on half of the money?

On the CA24 Form I could select the account was a tenancy in common and it would go into the estate and the money would be shared between myself and my sister and I might have to pay less CAT?

Thanks

Mijne
 
Did you put any of the money into the account? If not then your are inheriting the full amount.
 
Joe 90

Thanks for getting back. So am I right in assuming that if I contributed nothing to this account, I inherit all the money and pay tax on the full amount?

I did contributed a small amount at the beginning and then for the last few years, my mother's gave me €3000 each year (small gift exemption) as I was her full time carer and was not eligible for carer's allowance. I have no proof of this, we used the same account. Will revenue forensically go through the account?

Thank you.

Mijne
 
Revenue will not go through this account so you should take your solicitor advice which is it does not form part of the estate
 
John Luc

Thanks for your reply, that is a relief. If I tell Revenue we both contributed to the account and had equal shares. I will have to pay tax on this inheritance as I will be over my threshold. Do I pay CAT on the full amount of €50,000 or half of it. I am presuming half. Thank you.

Mijne
 
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