Inheritance/Capital Acquisition Tax

bonzodog2

I'm due to inherit a substantial sum from my mother's estate, in the UK. There will be some inheritance tax already paid there to HMRC. Will I still be liable to 33% tax on what I receive over 225K here from Irish Revenue? It seems unfair to be taxed twice!

CIARAN_BOYLE

Usually in the case of cross border transactions you receive a credit for taxes already paid.

Read the double taxation agreement
http://www.revenue.ie/en/practitioner/law/double/uk.html

Or talk toa professional advisor

bonzodog2

CIARAN_BOYLE wrote: »

Usually in the case of cross border transactions you receive a credit for taxes already paid.

Read the double taxation agreement
http://www.revenue.ie/en/practitioner/law/double/uk.html

Or talk toa professional advisor

The taxes which are the subject of this Convention are:
in Ireland:
the income tax
the corporation profits tax;
the corporation tax; and
the capital gains tax;
in the United Kingdom of Great Britain and Northern Ireland:
the income tax;
the corporation tax;
the petroleum revenue tax; and
the capital gains tax;

it doesn't seem to cover inheritance/CAT

CIARAN_BOYLE

bonzodog2 wrote: »

it doesn't seem to cover inheritance/CAT

Sorry I forgot earlier there is a separate convention from the dta for cat between the two countries
http://www.revenue.ie/en/tax/cat/guide/double-taxation.html#section2

Details here

Mr. Incognito

Seek professional advice.

bonzodog2

Thanks. So, an accountant? Or more specialised?

CIARAN_BOYLE

bonzodog2 wrote: »

Thanks. So, an accountant? Or more specialised?

Most accountants would be able to help you, there are more specialist options but of course the fee will rise.