How to pay capital gains tax

Discussion in 'Wills, inheritances and gifts' started by adox, Aug 9, 2018.

  1. Vanessa

    Vanessa Frequent Poster

    Posts:
    171
    Just employ an accountant. The cost will come from the estate and at least you know everything is in order. You are executor and are liable for any taxes due from the estate if not paid by beneficiaries.
     
    adox and DirectDevil like this.
  2. adox

    adox Frequent Poster

    Posts:
    97
    Thanks all. I have spoken to an accountant today and passed on all relevant correspondence. Will be meeting him in person next week to go through it.

    No funds have been paid as yet to the benefactors but solicitor seems to have no problem releasing the funds to the benefactors less an amount held back to cover CGT. Correspondence with them has been extremely vague and frustrating when looking for definitive answers to questions regarding the mechanisms for paying CGT and if it needs to be paid before the benefactors receive their payment etc.

    Anyway in the hands of the accountants now so hopefully they can do the heavy lifting from here on in.
     
    PaddyBloggit likes this.
  3. torblednam

    torblednam Frequent Poster

    Posts:
    322
    I suggest you read this link, it's as clear a summary as you're likely to find. If assets are disposed of as part of administering the estate, the CGT liability is with the estate (i.e. the executors in their representative capacity).

    http://www.ohanlontax.ie/downloads/TaxationofEstates.pdf