Money coming from Ireland in Euros

suse142

Hi,
My partners' mother is due an inherited amount of money (E240,000) from the sale of land in Ireland, which is sitting in the bank over there. I have some questions if anyone can answer them as we know nothing about how this is done. Also the money is due to be shared out amongst her children and inevitably inheritance tax will have to be paid as she's an old lady :sad: already.

1. What's the most tax efficient way of getting the money here.

2. How can we maximise the amount given that it has to exchanged into sterling?

3. Would the money be better off staying over there and somehow being shared out over there? Or used to buy property over there?

4. Should we employ someone for some expert advice about this?

Any tips will be gratefully received!
Thanks.

Cook_County

The first question to identify is where your partner and her mother are domiciled for tax purposes. If it is the Republic of Ireland then the money might be deposited offshore (but not in Ireland) and UK tax avoided.

suse142

The family live in the UK so we're not able to avoid tax unless there's a way to bypass it (for a while at least) by some cunning means.

dunstonh

1. What's the most tax efficient way of getting the money here.

There is no tax to pay on money transfer.

2. How can we maximise the amount given that it has to exchanged into sterling?

Maximise in what way? Invest/save or costs in dealing with the transfer?

3. Would the money be better off staying over there and somehow being shared out over there? Or used to buy property over there?

What do you want to do with the money? Do you want to buy property over there?

4. Should we employ someone for some expert advice about this?

Depends on what you want to do with it.

The family live in the UK so we're not able to avoid tax unless there's a way to bypass it (for a while at least) by some cunning means.

Depending on what you want to do, there are usually ways to avoid/reduce the tax liability. However, you need to decide if you want to spend, save, pay off mortgage, invest, buy property etc and understand the pros and cons of each option or combination of options before working on the tax angle.