IHT for UK resident receiving Ireland assets via Will/Death

[floydstat]

My father (80) and his wife (married 2 years) (79) have made their wills leaving everything to me.

They are Ireland residents who own their own home (no mortgage) with an approximate value of £450,000. In addition, they have circa £250,000 savings and no debts.

I am a British citizen (51), living in England (also hold an Irish passport) married with 4 teenage children all living in the UK.

What can I expect to pay in IHT and is there anything I/we can do to minimise (IHT)?

An Irish ‘living will’ (Advanced Healthcare Directive’ AHD) has been suggested by an Irish family member as way to reduce IHT.
Any advice on this much appreciated.

Many thanks.

[strawn]

The issue is that IHT in Britain is not actually an inheritance tax despite its name. That is to say it's not a tax on a bequest you receive. It's an estate tax, on the estate of the deceased. No wonder some people still use the ancient term Death Duties.

But conceivably you will owe tax in the Republic - I plead ignorance on that.

[AGoodman]

The estates of your father and his wife would only be subject to UK IHT if:

- they were Long Term Residents of the UK at their deaths (generally speaking, had been UK resident for 10 of the last 20 years); or
- they had assets in the UK.

Your status as a UK resident etc is irrelevant.

As strawn mentions, you would need to check if any Irish IHT would be payable.

I have no idea how a living will / advance directive could help. That isn't usually anything to do with finances.