Small inheritance query!

mcneil

A brother of mine in the north(UK) inherited a cottage just before the property bust. Theres inheritance tax owed on it ever since. The cottage was worth 80k when it became his but hes buried his head in the sand concerning this tax ever since. He doesnt know whats owed on it, or the extra penalties ever since, but now hes getting his life back in order after many years of drink problems, hes looking to sort this with the revenue.

Hes wanting to stick it on the market, or sell it to another family member however, the cottage has been left for a number of years and has fallen into a small bit of disrepair and at a guess, would be worth around 40k. HEs wondering , if he was to sell this for 40k, would he even end up with anything out of it since owed taxes and also tax from selling.

What about if he didnt sell and wanted to give this to me, am i liable for any previous inheritance tax owed and possible new inheritance tax owed on it. Even thou there would be no money exchanged, am i liable for other taxes?

CIARAN_BOYLE

Where is the property. Are you Irish resident. Is your brother Irish resident. Was he when he inherited.
If you are Irish resident and he gave you the property you would be getting a gift of the market value of the property with CAT applying as appropriate.

Mr. Incognito

Speak to a solicitor pronto

shugy

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