Information on a deceased's Will please

tonyheaney

I have just found out that i was listed on my aunts will and have to give my PPS number. Has any one here had any experience in such matters? Why do i need to give my pps number? if i am left money will i need to pay some form of tax on it? what are the steps once you have been name on a will?

Ken.

You could be liable to tax. The thresholds outside of parent-child, child-parent are fairly low.

http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

You can receive €30,150 before tax of 33% on anything over that amount kicks in. I think.

tonyheaney

I douth ill be getting 30 G but its good to know. Thanks

CIARAN_BOYLE

ken wrote: »

You could be liable to tax. The thresholds outside of parent-child, child-parent are fairly low.

http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_acquisitions_tax.html

You can receive €30,150 before tax of 33% on anything over that amount kicks in. I think.

if you receive any form of property your pps number could be requireď

tonyheaney

CIARAN_BOYLE wrote: »

if you receive any form of property your pps number could be requireď

Is pps required for cash also or just property?

hullaballoo

You'll have to excuse the lawyer speak but property refers to any tangible or intangible asset, which includes cash.

Atlantic Dawn

tonyheaney wrote: »

Is pps required for cash also or just property?

Both, it's used to verify you are who you say you are and to hold a record of where the estate went.

NUTLEY BOY

I can't remember the exact detail but if an inheritance exceeds 80% of the group threshold value applicable the beneficiary must make a return to Revenue.

If the inheritance is below the threshold value there might be no liability but that assessment is made by Revenue.

If there is no liability one gets a "nil" assessment from Revenue. This is the official proof that the return was made and that you have been assessed as having no liability.

If you have received inheritances previously it gets complicated as threshold allowances aggregate over your lifetime.

I was an executor for the estate of a deceased relative about four years ago. A lot of detail was required as part of the probate application including a long Inland Revenue Affidavit requiring details of every beneficiary including their PPS numbers.

One copy of this affidavit goes to Revenue after the probate application has been completed so they know who is getting what and they may well write to the individual beneficiaries asking for a return. Beneficiaries of the estate that I dealt with did receive letters from Revenue requesting a return. However, this helps Revenue to tie up both sides of the transaction i.e. the bequests on one side and the potential CAT liabilities on the other.

BTW don't wait for Revenue to write. This is probably one of those self declaring taxes so it is your responsibility to take the initiative and to make any due declarations by the relevant due date. If you are unsure speak to Revenue as they will help you but watch the due date for a return.

coylemj

If you received a bequest from a different relative in the past then you might have already blown your exemption limit in Category 'B' which covers inheritances from people in the category of parent/brother/sister/aunt/uncle/grandchild, all of which are aggregated over time. So the limit of €30,150 applies to the aggregate of all inheritances you get from all of those people.

Hence they want your PPS number to check if you've already received a previous inheritance which might affect whether you will need to pay tax on some or all of this inheritance.

http://www.revenue.ie/en/tax/cat/thresholds.html

Mr. Incognito

The probate form requires you to list beneficiaries and give their pps numbers

coylemj

Mr. Incognito wrote: »

The probate form requires you to list beneficiaries and give their pps numbers

There is a threshold which I forget and below which the revenue don't ask. I was executor a while ago doing personal probate and there was a cash bequest of a few thousand to a neighbour of the deceased. Someone either in the Probate Office in Smithfield or the tax office in Dublin Castle said they didn't need the PPS number as it was below the threshold.

Fred Swanson

This post has been deleted.

tonyheaney

I'm NOT a foreign resident, I'm irish. Never been a beneficiary of a will before. I'm Not working at moment.

coylemj

tonyheaney wrote: »

I'm NOT a foreign resident, I'm irish. Never been a beneficiary of a will before. I'm Not working at moment.

In that case you can inherit up to €30,150 from that aunt and you won't have to pay capital acquisition tax (CAT) and if you're currently in receipt of a means-tested social welfare allowance, you can have up to €20,000 in capital (i.e. cash in the bank) and still receive the full allowance you're entitled to.

http://www.citizensinformation.ie/en/social_welfare/irish_social_welfare_system/means_test_for_social_welfare_payments/means_test_for_jobseekers_allowance.html

NUTLEY BOY

coylemj wrote: »

There is a threshold which I forget and below which the revenue don't ask. I was executor a while ago doing personal probate and there was a cash bequest of a few thousand to a neighbour of the deceased. Someone either in the Probate Office in Smithfield or the tax office in Dublin Castle said they didn't need the PPS number as it was below the threshold.

That is probably the 80% of the threshold value below which no return is required.

coylemj

NUTLEY BOY wrote: »

That is probably the 80% of the threshold value below which no return is required.

That sounds right, the threshold for Category C which includes people not related to the disponer was >20K back then and the bequest I dealt with was well below 80% of that.