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Transferring Inheritance?

  • 30-07-2018 07:25PM
    #1
    alwaysadub
    Registered Users, Registered Users 2 Posts: 11,554 ✭✭✭✭


    Hi,

    If a person was left an inheritance circa 100k by an aunt and wanted to give that money to a (non resident) sibling, is there a way of doing so without having to pay tax twice?


Comments

  • #2
    Turnipman
    Closed Accounts Posts: 789 ✭✭✭Turnipman


    alwaysadub wrote: »
    Hi,

    If a person was left an inheritance circa 100k by an aunt and wanted to give that money to a (non resident) sibling, is there a way of doing so without having to pay tax twice?

    Not really. You can refuse an inheritance (or, technically "disclaim the benefit") in which case it goes back into the pot and you've no tax liability on it, but if you refuse it then you have no say in where that money then goes.

    If you accept it then, as you know, you will be liable to pay CAT on it. Once the CAT has been paid, it is your money to do whatever you wish with.

    So if you decide to gift it to your sibling, s/he will be liable to pay whatever taxes are levied on gifts (or Capital Acquisitions) in their country of residence.


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