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Tax on inherited livestock and cash

  • 24-07-2014 2:39pm
    #1
    oakshade
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭


    Hi all,

    I hope you can assist me with a query. I recently inherited some livestock, a car and a little cash from an aunt. The amounts involved are small and the entire will isn’t going to probate. The Single Farm Payment for 2014 is also being paid to the estate, which I will get. I am looking after the funeral expenses of the deceased.

    As a guideline, what taxes am I liable for in this situation, for example when I sell the livestock or car or when I receive the single farm payment. As I am covering the funeral costs, can I offset this in some way? I am a PAYE employee and will get an accountaint when it comes to making the return but would like to be aware of how much I may need to pay. Thank you.


Comments

  • #2
    CIARAN_BOYLE
    Registered Users, Registered Users 2 Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    You will have to pay 33% of the net inheritance (after funeral costs) that is outside the cat threshold.

    As your aunt is a group b relationship the threshold is 30,150.

    This threshold is cumulative and counts all gifts or inheritances from group b relations


  • #3
    oakshade
    Registered Users, Registered Users 2 Posts: 505 ✭✭✭oakshade


    Thanks for your help. Much appreciated.


  • #4
    Irish Grave Markers
    Registered Users Posts: 5 ✭Irish Grave Markers


    oakshade wrote: »
    Thanks for your help. Much appreciated.

    If you go to citizeninformation.ie.the have excellent advice on all after death matters


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