Hi,
My grandfather died and he had some land that was/is leased and the income has been going into to an executors account while the will works through administration.
I have seen a copy of the assets/liabilities of the estate and the Income Tax figure is ~33% of the rent received during the administration.
From reading online I can see that there is tax due at the standard rate(20%) but I'm not sure where the remainder is coming from. I thought it might be some combination of prsi+usc but I see no mention of this on the revenue website.
I will be meeting the solicitors next week and request a breakdown but was wondering if anyone had any insight?
Thanks
My grandfather died and he had some land that was/is leased and the income has been going into to an executors account while the will works through administration.
I have seen a copy of the assets/liabilities of the estate and the Income Tax figure is ~33% of the rent received during the administration.
From reading online I can see that there is tax due at the standard rate(20%) but I'm not sure where the remainder is coming from. I thought it might be some combination of prsi+usc but I see no mention of this on the revenue website.
I will be meeting the solicitors next week and request a breakdown but was wondering if anyone had any insight?
Thanks