How best to reduce inheritance tax from Uncle

[muskey]

Hi all

I am going to inherit a house worth 300k in the next few years from my Uncle
He wants me to benefit most from it, and wants to know what actions we can put in place to reduce my liability

Thanks for your help

 

[Joe_90]

Move into it!!!

 

[emeralds]

As of now, €30,150 of the €300,000 would be tax free. You would be liable for tax of 33% on the balance. Not sure if you legitimately avoid that.

 

[muskey]

What proof of living there will I need for revenue[

 

[emeralds]

http://www.revenue.ie/en/tax/cat/leaflets/cat10.html

 

[Joe_90]

Move into it!!!

Of course what I should have said in light of Scoby problems is "seek professional advice that could minimise the exposure to tax for both yourself and your uncle".