Thanks. I wonder do parents with only one child realise the tax implications for their child when they pass away?Every body is entitled to €3000 per any given calender year so if a child is to inherit from a parent they have a once in their lifetime allowance of €225 K and also the €3000 calender year allowance for that year. The balance is taxed at 33% so your example of €500 K property means you deduct €225 K and then €3 K leaving a taxable balance of €272 K @ 33% is €89,760.
We all only become experts at this stuff when the time arrives sadly.Thanks. I wonder do parents with only one child realise the tax implications for their child when they pass away?
... you've already paid several types of tax on the asset as well as interest from income that's already been taxed. Everyone has to live somewhere; we are being penalised for being prudent.there is no CGT and no CAT
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