There's no inheritance tax in Canada.
Do we know roughly how much value is in the Estate as this must be a key factor as to whether you need professional advice.Yes but you could have at least posted a link such as this
http://turbotax.intuit.ca/tax-resources/inheritance-tax.jsp
OP: the link above suggests that the Canadian tax authorities will have done the math and gutted the estate of any tax due to them so the issue is how any money you receive here are treated, and likewise in the UK.
So before you give the bank details , as there is a DTA with Canada
http://www.revenue.ie/en/practitioner/law/double/double-taxation-agreements.html
you should establish from the Revenue here what the story is because if the hit is not to your liking you don't have to take the mula.
This may not be the case here as I expect it all to be cash so just pay the tax and keep going.
As Bronte has pointed out there is no tax avoidance options at this point so start with the revenue, no point in my mind paying for their advice!!
Nobody will open a file on this for you for less than 2,500 euro plus VAT.
The Canadian tax authorities have done all the work.
The SI is here:
http://www.irishstatutebook.ie/2004/en/si/0773.html
Its not the lightest reading you will find but at least you have a document to read.
Of course find out what the payment will be first before you talk to Revenue
Hope this helps.
Well when the Trotskyites, communists, socialists and far right folk take power after the next election here under the guise of independents, we will be on the boat with you.Thank for your responses to this query.
I cannot believe that the inheritance tax for siblings in Ireland is so exhorbitant! We are tempted to move over to UK or go back to Canada!!!
The Siblings
Won't happen. Just like you, the vast majority of people have no clue about this stuff until it happens to them. There is little hope of concerted lobbying.Something needs to be done to increase the thresholds and decrease the tax rate, especially for Group B people - i.e. Siblings.
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