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Where Taxpayers and Advisers Meet

Irish Inheritance UK resident

Posts: 1
Joined: Mon Sep 09, 2019 4:24 pm

Irish Inheritance UK resident

Postby MMCG » Wed Sep 11, 2019 3:23 pm

I have recently become a part beneficiary of my late Aunt's will who resided in Ireland and was an Irish citizen - its a part share as the will left her estate to myself and my 2 brother so its approx. a third share. We are her nephews and the only living direct family descendants.

She left approx. 100K euros in the bank and her family home. The home is being sold for approx.. 150K euros.

Overall, the total value of the estate is approx. 250 euros for Irish IHT purposes.

Before her death she appointed a solicitor as the executor of her will who has applied for grant of probate and will pay the Irish IHT and capital acquisitions tax arising from the estate and from the sale of my aunt's home.

The remainder of the estate after Irish IHT and capital acquisitions tax and other costs will be distributed to her 3 nephews including me.

My question is

1. As a UK resident will I be subject to UK IHT and capital gains tax and will be expected to raise a self-assessment for the value of my third of the estate after Irish taxes and costs have been paid in Ireland etc?. Will I obtain some tax credit because of the taxes paid in Ireland already assuming I have a UK liability as a result?

2. Because the remainder of the estate will be paid in euros to the 3 beneficiaries, I asked for it to be paid into my Irish bank account as I have a holiday home in Ireland that I pay bills from etc. I assume this is ok and I don't have repatriate back to the UK?

Overall what are the UK tax implications for me - thanks.

Posts: 951
Joined: Fri May 16, 2014 3:47 pm

Re: Irish Inheritance UK resident

Postby AGoodman » Wed Sep 11, 2019 4:45 pm

1.No IHT to pay - UK IHT is paid by the estate and this estate does not appear to be liable to UK IHT
2. No CGT as the executor sold the house, not you
3. Fine.

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