Inheritance

J

jonc57

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My mother in law was left a substantial sum of money (€120,000+) in her late brother's will. She is in reciept of a contributary oap and has no other income. What roughly would her tax liability be. John
 
I'm assuming she has not received any other gifts from her brother. If this is the case, then she is entitled to inherit 47,815 euro.......the rest is taxed at 20%.
 
Group B which includes brothers sisters. Treshold is 48K from all within this group. Assuming she has not received any gifts/inheritances from anyone within this group she can get 48K before paying tax. As she has received the theshold she can't use this again - she'll have to pay tax @ 20% on the full amount received from anyone within group B.
 
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