inheritance from overseas

krudmonkey

Afternoon.

Got a call this morning to say my grand aunt, who passed away last month, has left me some inheritance.

The facts of the story:
- it's likely to be 30-40k
- she was born here, living in aus for 40+ years
- I just moved home recently from the UK and so still have accounts active there.

I don't want to break any laws obviously, but am keen to not have revenue take a huge chunk of it.

Even things like using transferwise vs traditional transfer... I've heard you can negotiate better exchange rates with banks if youre expecting a windfall etc... Any advice? Either on my situation or decent solicitors in Dublin that may be able to advise?

Stheno

The threshold for an inheritance to a niece or nephew is 32.5k then you pay 33% on the rest

You've to file a tax return in relation to it.

If you google inheritance tax Ireland you'll get all of the info you need

krudmonkey

Stheno wrote: »

The threshold for an inheritance to a niece or nephew is 32.5k then you pay 33% on the rest

You've to file a tax return in relation to it.

If you google inheritance tax Ireland you'll get all of the info you need

I'm a grand nephew though, so imagine I fall into the "other" bracket?

Looks like inheritance tax screws you less in the UK so might look to get it sent there instead. As I said, I don't want to break the law but want to be smart and hold on to as much of it as I can

com7

If you come up with any ideas , you might let us know i m in a similar situation ....paying the government more tax is nt excatly appealing..robbin u know what

Stheno

krudmonkey wrote: »

I'm a grand nephew though, so imagine I fall into the "other" bracket?

Looks like inheritance tax screws you less in the UK so might look to get it sent there instead. As I said, I don't want to break the law but want to be smart and hold on to as much of it as I can

You're resident here though so the Irish tax obligation applies to you.

A tax accountant can advise what category you are fairly quickly.

krudmonkey

Stheno wrote: »

You're resident here though so the Irish tax obligation applies to you.

A tax accountant can advise what category you are fairly quickly.

yeah I'll get in touch with one once more details are confirmed (exact inheritance etc)

tinc

awooga.

Sorry for your loss

Mrs OBumble

Stheno wrote: »

You're resident here though so the Irish tax obligation applies to you.

A tax accountant can advise what category you are fairly quickly.

Its may be possible to become non tax resident in the year when he actually gets the cash though.... eg move back to the UK for a bit longer?

Professional advice strongly recommended.