Thanks.
It appears that any UK assets are taxed at 40%, but there is a £325k tax-free threshold on the estate. You have to make a UK tax return on Form IHT400, unless it's just shares & cash valued at under £150k or a few other exceptions. For UK Grant of Probate, you need to get it in addition to your Irish one unless the UK estate is under £15k.
The main point in the UK is that you have to pay up within 6 months or you will be charged interest, and you unless you register within 12 months you will have to pay a penalty. Also, it's the Estate that is taxed, not the beneficiaries as in Ireland.
The lesson here is to move your UK assets back to Ireland before you pass on....
I know a little more now about the UK position if anyone needs any help.
regards
TT
Thanks.
It appears that any UK assets are taxed at 40%, but there is a £325k tax-free threshold on the estate. You have to make a UK tax return on Form IHT400, unless it's just shares & cash valued at under £150k or a few other exceptions. For UK Grant of Probate, you need to get it in addition to your Irish one unless the UK estate is under £15k.
The main point in the UK is that you have to pay up within 6 months or you will be charged interest, and you unless you register within 12 months you will have to pay a penalty. Also, it's the Estate that is taxed, not the beneficiaries as in Ireland.
The lesson here is to move your UK assets back to Ireland before you pass on....
I know a little more now about the UK position if anyone needs any help.
regards
TT
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