Inheritance from Spain- valuation date

[bel_129]

Hi everyone,


I am a tax resident in Ireland but my family is in Spain and I am receiving an inheritance that consist of cash and properties. Given the limits, I will have to pay some tax over in Spain and then more in Ireland as percentage here is higher.
My family member passed away a few months ago, but we are still collecting all paperwork and sorting all out. We will accept the inheritance most likely on September and receive the cash probably somewhere in October/November and the property will be registered under my name then. Do I have until October next year to pay taxes in Ireland? They passed away in April but we will sign in September so getting confused with info online. I have no access to their bank account, assets are under her name and all will be change to be under my name from September. I just want to make sure I don't get in trouble with revenue for having to pay sooner as the date of death was before and I really don't know the full amount of the inheritance until September most likely.


Thanks in advance

 

[T McGibney]

I really don't know the full amount of the inheritance until September most likely.

This suggests to me that the valuation date, for Irish CAT purposes, of at least some of your inheritance won't be be until September.

From Revenue.ie

Where the valuation date is:

between 1 January and 31 August, the pay and file deadline is 31 October in that year
between 1 September and 31 December, the pay & file deadline is 31 October in the following year.

If you're in doubt, consider getting professional advice.