Tax on inherited money from abroad???

montblanc_2

hi could anyone tell me if i am liable to pay tax on inherited money from ireland - about 75000 euro ???

many thanks

NAR

The simple answer is no. Any tax liable on inheritance is only payable in the country of its origin, in your case Eire. Enjoy!:beer:

Middlers

Unfortunately I disagree with the above. When inheritance tax is calculated all assets worldwide are to be included. If you owned property abroad this would either be sold or bequeathed on your death and would be counted for inheritance tax purposes.

Ian_W

Middlers wrote: »

Unfortunately I disagree with the above. When inheritance tax is calculated all assets worldwide are to be included. If you owned property abroad this would either be sold or bequeathed on your death and would be counted for inheritance tax purposes.

I think that's the right answer -
TO a totally different question! :rolleyes:

The person who died was in Ireland ergo UK IHT won't apply to the estate - whatever the Irish equivalent to IHT will. The OP's payout in the UK after the legal formalities are completed in Ireland, won't AFAIK, be taxable here so NAR's answer seems to me correct.

NAR

Thanks Ian, I just wish people wouldn't post when they don't know what they are posting about and therefore misleading people.

montblanc_2

thanks to all who replied to my question- still a bit confused though!! (sorry!)
yes my mum was domiciled in ireland all her life and died 6 years ago leaving the house to my siblings and i equally. i think we will be paying IHT in ireland the estate was worth about 350000euro but i was worried about having to pay IHT again if i took the money into the uk where i myself live or if i have to leave it in ireland and invest in something?? any further thoughts would be greatly appreciated
many thanks

noh

No you have no tax to pay on the inherited money.

Nigel

Middlers

NAR wrote: »

Thanks Ian, I just wish people wouldn't post when they don't know what they are posting about and therefore misleading people.

There is no need to abuse those that are trying to help.

diamonds

localhero wrote: »

Particularly since if the deceased was domiciled in England, the advice would have been correct.

hi could anyone tell me if i am liable to pay tax on inherited money from ireland - about 75000 euro ???

NAR

Middlers wrote: »

There is no need to abuse those that are trying to help.

I wasn't; OP clearly stated "inherited money from Ireland." Which is why I gave the correct advice. :cool:

NAR

localhero wrote: »

I don't dispute the advice you gave; Since we've now subsequently ascertained that the deceased was domiciled in Ireland. Montblanc didn't make that clear originally, for there are after many uk residents with 2nd homes abroad, and if that was the case then Middlers would have been correct.

I just feel that your remark therefore was a little harsh.

Sorry I don't really wish to prolong this but I will defend my remark. In post #3 Middlers stated "I disagree with the above" (my advice). My advice was based on what was in OP, not by trying to think of any other sort of alternative circumstances. If Middlers doubted where the deceased was domiciled he/she should have asked - not dissed my correct advice. IMHO people replying should either answer posts on face value or ask for further clarification.