Inheritance tax, would the government wait?

Freiheit

Does anyone know if the government would accept a deferral of such if I'm unable to pay in the short term and if so what sort of interest penalties am I likely to be liable for?. The rental income from the asset, if I do rent it, while would cover the inheritance tax bill, wouldn't allow me any , or very little money to live on. Has anyone tried to negotiate with the government about inheritance tax?.

dbran

Hi

Short answer is no. They will expect the money within a year at most otherwise they will make you sell the property.

Sorry its not better news.

Kind Regards

Dbran

Freiheit

That's ok.... would they be flexible though about the timing of installments? as in less eg half a years installment during the first year?...and how long would the process of forcing a sale take?

Mr. Incognito

Hi

Short answer is no. They will expect the money within a year at most otherwise they will make you sell the property.

Sorry its not better news.

Kind Regards

Dbran

This is why I lock property threads.

DO NOT RELY ON INTERNET INFORMATION EVER!!!!!!!!!!!!!!!

The Revenue will accept monthly insallments but you will be liable for Interest on top of the CAT. An inspector has power to waive any and all penalties but not interest. I've had experience of waiving full CAT on a hardship case. Also make sure that the valuation at the date of transfer was not over valued and get a new valuation done if it was. The LAST thing Revenue will do is make you sell your property.

In short contact Revenue directly or a competant professional.