Tenants in Common for Inherited land

Tenants in Common for Inherited land

Postby Blubell72 on Tue Feb 08, 2011 7:20 pm

Hello!
My Aunt died intestate in 2007 unmarried and no children. Lo these many years the lawyers are now in a position to determine from the rest of the family what should happen with the Property. If the property is kept the lawyers say we would be Tenants in Common with Unequal shares. The beneficiaries consist of my Aunt's 2 living sisters and the 7 children of his 3 deceased siblings. 9 parties in total.
My question, for the property, which is in Ireland, some of the beneficiaries are in England, some Ireland, and some the US - what would the tax ramifications be if the house is not lived in year round? If it is rented out?
Would you recommend creating a trust for the property? Many thanks, I realize I am asking a question about Irish property on a UK site - I am trying to get up to speed coming from NO knowledge, any assistance is appreciated!
Blubell72
 
Posts: 1
Joined: Tue Feb 08, 2011 6:55 pm

Re: Tenants in Common for Inherited land

Postby pawncob on Tue Feb 08, 2011 9:47 pm

A Trust already exists, since more than four persons can't be registered as the owners of the property.
The income can be determined and split in any proportion, so it's not a problem. Other than Irish Council tax there shouldn't be any tax ramifications until it's either sold or a beneficary dies.
With a pinch of salt take what I say, but don't exceed your RDA
pawncob
 
Posts: 2262
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex


Return to Trusts and Estates

Dorifor Internet Marketing Dorifor Tax Group - our portfolio of tax sites:

UK's largest independent tax portal All the tax books on one site global tax seminars, conferences and other events Global tax jobs portal List of UK recruitment agencies and employers