Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

ROI IHT Query

  • 20-10-2014 4:19pm
    #1
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,000 ✭✭✭


    If a person was to leave a house to their niece before their death is there a time limit and or relief that the niece could use to reduce the liability.

    I'm familiar with a rule in UK - something like 7 year rule.

    Anyone any idea?


Comments

  • #2
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    Saint Sonner wrote: »
    If a person was to leave a house to their niece before their death is there a time limit and or relief that the niece could use to reduce the liability.

    I'm familiar with a rule in UK - something like 7 year rule.

    Anyone any idea?

    Lifetime gifts are taxed pretty much the same as inheritances in Ireland. I think what you're thinking of in UK is a "potentially exempt transfer". From memory I think that meant that tax would only apply to a lifetime gift if the person giving it died within 7 years. There's no equivalent in Ireland.

    There used to be a rule that a gift was taxed at 3/4s of the tax rate of inheritances and a gift was taxed as an inheritance (i.e at the full rate) if the donor died within 2 years. But those rules are gone now.

    Anyway, I would think you'd need to contact a specialist if you want to discuss reliefs etc


Advertisement