Inheritance Tax

rgossip30

I was looking at the Revenue site about Inheritance . This is a self assessment tax if you are liable. I think these days the Revenue would have all this information on file anyhow . Do they just want to see how honest you are or collect extra penalty fees. ?

maggiepip

Think its a case of they'll get to you eventually, but would rather you made it easier for them by declaring it.

rgossip30

Well you know the phrase ''easy come easy go '' . I just hate fat cats getting my money .

doolox

...where a son or daughter has worked all their lives with Mum or Dad in the family business and then have to fork out a fortune in tax, end up working for the bank loan needed to pay off the Tax bill and then possibly go broke doing it and end up on the dole with their employees also on the dole and the business gone.

As far as I know farmers are exempt from inheritance tax on the family farm so as to avoid breaking up a multigenerational family enterprises. Some sort of arrangement should be made for family businesses in general.

Also very hard on people who have lived in the family home with their parents all their lives and now find themselves having to raise a loan for the tax, often being too old or unemployed themselves to manage it.

doolox

.....it seems that there are reliefs of up to 90% available for businesses in such cases as a family member inheriting a business with certain conditions attached regarding lengths of time it existed and that it has to run into the future for a minimum of 6 yrs etc.

Quaint language is used in the document such as "clawback" in the event of failure to comply with the conditions in the future...it makes the Revenue appear like an eagle or a grizzly bear......

brucky

The threshold for Inheritance tax changed in 2009. As an only child if I was to inherit my mother’s house I would be unfairly penalised by the current €250k limit. This would without doubt inflict a massive financial liability on me, and my family. In addition to this and as a member of the negative equity generation it means that I would be forced to sell the family home and it would feel like a double blow. This the same for a lot of families accross the country. We should now lobby Minister Noonan & the TD's ahed of the October budget. Our parent's worked all their life and a vast chunk is taken by the tax man its completely unfair & unjust. The economy is starting to turn and we should now be pushing to have the threshold increased as Ireland's Inheritance tax is the highest in Europe

Mr. Incognito

brucky wrote: »

The threshold for Inheritance tax changed in 2009. As an only child if I was to inherit my mother’s house I would be unfairly penalised by the current €250k limit. This would without doubt inflict a massive financial liability on me, and my family. In addition to this and as a member of the negative equity generation it means that I would be forced to sell the family home and it would feel like a double blow. This the same for a lot of families accross the country. We should now lobby Minister Noonan & the TD's ahed of the October budget. Our parent's worked all their life and a vast chunk is taken by the tax man its completely unfair & unjust. The economy is starting to turn and we should now be pushing to have the threshold increased as Ireland's Inheritance tax is the highest in Europe

Are you just going to copy and post this whine across the forum?

brucky

If you were in my families situation you may be doing the same. Thanks for responding anyway.

dudara

brucky - please note that posting the same topic across multiple forums is considered spamming and can result in your posts being deleted. Please pick the most appropriate forum and post just the once.

dudara

Alan Shore

brucky wrote: »

The threshold for Inheritance tax changed in 2009. As an only child if I was to inherit my mother’s house I would be unfairly penalised by the current €250k limit. This would without doubt inflict a massive financial liability on me, and my family. In addition to this and as a member of the negative equity generation it means that I would be forced to sell the family home and it would feel like a double blow.

If the house is valued at €500k you have to pay €91,000 in CAT. To most people €91k is a massive liabilty but you still have equity of more than €400k.

Dwelling house relief is available whereby you pay no tax so you should investigate that.