Inheritance tax on 3 way split

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Not_near_it

Registered User
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Hi all,

My Father is due an inheritance from his sisters estate.
His sister left her house to my father and two other sisters, so the proceeds will go three ways.

I looked up the tax free allowance, it looks to be 32'500e.

So for example, if he gets 100k, he will pay capital gains tax on 67'500, so 22'275e, is this correct?

He is retired, in his late 70's.

Are there any other allowances he can avail of to save any tax?

Thanks :)
 
He won't be paying CGT, it will be CAT.

Did he live in the house?

Did he receive any previous inheritances in category B?
 
Thanks for the replies.

He did not live in the house.
He has not received any other gifts or inheritance.
 
Then, on basis of the information here, the CAT bill is as follows:

100,000 - 32,500 = 67,500 @33% = 22,275

which is what you calculated above.

I can't think of any other exemptions or reliefs.
 
Thank you.

Another couple of questions.
If he receives funds early in the new year, within what timeframe does he have to pay the revenue?
He doesn’t have a ros account, is there another way to pay?
 
The executor can settle the tax bill for each of the beneficiaries. The beneficiaries receive the net amount.

My cousin was executor of his uncle's will and sorted the tax for 4 beneficiaries (siblings of the deceased)
 
Last edited:
Not_near_it said:
If he receives funds early in the new year, within what timeframe does he have to pay the revenue?
He doesn’t have a ros account, is there another way to pay?
Click to expand...

You can pay the CAT through your father's Revenue MyAccount, that is used to do normal PAYE income tax returns.

No need for ROS account.


Please read this:

How do you file?

Filing your return and paying your tax when you receive a gift or inheritance
www.revenue.ie www.revenue.ie
 
It’s a weird tax year. For gifts or inheritances in the 12 months to 31 August, you pay the tax on or before the following 31 October or mid November if online.
 
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