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Inheritance Tax

  • 05-12-2012 7:33pm
    #1
    Jazbee
    Registered Users, Registered Users 2 Posts: 131 ✭✭


    Hi, if somebody was to be inheriting money, is the inheritance tax rate applied the day the person died on or the date probate is applied for?
    Will the person be paying the old tax rate or the new one 33%? Thanks.


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    The rate of tax is fixed by the date of the inheritance - which is the date of death in virtually all circumstances.

    The date of payment for the tax can vary. The rules for determining the valuation date can be complicated. The valuation date is unlikely to be before the date of the probate.


  • #3
    Jazbee
    Registered Users, Registered Users 2 Posts: 131 ✭✭Jazbee


    nompere wrote: »
    The rate of tax is fixed by the date of the inheritance - which is the date of death in virtually all circumstances.

    The date of payment for the tax can vary. The rules for determining the valuation date can be complicated. The valuation date is unlikely to be before the date of the probate.

    Thanks for that nompere. Yes, I can see how determining the valuation date would be a bit trickier.


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