Inheritance Tax

[apd]

Hi,

For single people (whose nearest living relatives are obviously their parents) making wills, what would the tax liability of those parents be should they be left the house and assets of a deceased child.

Does the 400,000 euro allowance from a parent to child work in reverse?

Regards.

 

[ClubMan]

Anything of use on or [broken link removed]?

 

[apd]

Unfortunately, not that I have found. The allowance bands only deal with inheritance as it works its way down the generations rather than the situations where it works its way back up.

 

[Winnie]

I have some notion that there is a relief for parents inheriting from a deceased child..........cant remember the exact rules though

 

[MOB]

the large inheritance tax threshold applies from child to parent, but on inheritances only - not gifts.

 

[Glenbhoy]

That link should answer your query.

 

[ClubMan]

I already posted that link above...