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UK resident

  • 12-04-2015 11:22am
    #1
    badgerbill
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hello,

    I am a UK resident. My parents are Irish residents.

    They recently transferred ownership of their Irish home in to me.

    At the point of transfer it was valued below the threshold for Capital Acquisitions Tax (ie: less than €225k) so I will not pay tax to the Irish Government (apart from 1% stamp duty for the transfer of the property).

    But here's my question. As a UK resident do I now face a UK tax bill for being given an Irish property?
    Tagged:


Comments

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


    badgerbill wrote: »
    Hello,

    I am a UK resident. My parents are Irish residents.

    They recently transferred ownership of their Irish home in to me.

    At the point of transfer it was valued below the threshold for Capital Acquisitions Tax (ie: less than €225k) so I will not pay tax to the Irish Government (apart from 1% stamp duty for the transfer of the property).

    But here's my question. As a UK resident do I now face a UK tax bill for being given an Irish property?

    I think gifts do not give rise to UK Inheritance tax unless the donor dies within 7 years but you may want to check somewhere like https://www.gov.uk/inheritance-tax


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