Unwanted house inheritance

S

STEINER

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House left solely to a nephew by aunt (deceased).

He doesn't want it but will inherit it and gift to one brother.

Presumably, there are 3 taxes involved, inheritance, CGT and Gift tax?

What are the offsets possible?

Favourite nephew does not apply here and group b thresholds are unused for all involved up to now.
 
Would his brother otherwise be the next in line to inherit the assets?

It might be possible to disclaim the inheritance so it comes straight from the aunt.
 
Disclaiming seems the obvious solution here if disclaiming does not mean that someone else gets it.

There is no CGT on the Aunt's estate other than than on the increase in value between the date of death and sale of property. (This area is complicated but it should not be a big liability)

The nephew who receives it should be subject to CAT.

Are there other assets? Does it require a few people to disclaim?

You will need a solicitor and a tax advisor to tease out the best approach.

Brendan
 
Thanks Gordon and Brendan for replying.

No, disclaiming not really on as a few nephews/nieces in the family. Small cash assets to named individuals.

What will likely happen is nephew 1 inherits and incurs a liability and gifts to his sibling. Whatever tax will be will be. Merits a trip to tax advisor/solicitor.
 
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