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Probate and tax - farm inheritance

jooksavage · 2018-08-28 19:17:36

Waiting for my accountant to get back from his holidays later this week, quick question re. tax on farmland I'm inheriting from my uncle. He passed last year and left me 30 acres and the monies from the slaughtered cattle. I'm liable for capital acquisition but as I'll be claiming agricultural relief I calculate the…

28-08-2018 7:17pm

#1

jooksavage

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Waiting for my accountant to get back from his holidays later this week, quick question re. tax on farmland I'm inheriting from my uncle. He passed last year and left me 30 acres and the monies from the slaughtered cattle. I'm liable for capital acquisition but as I'll be claiming agricultural relief I calculate the ultimate tax bill will be in the region of €12K (the cattle money should cover this).

I got a letter from revenue in May advising that any assets I inherit by August 31 are liable for taxation and need to be paid up before end of October. The thing is, there's a hold up on the transfer of the land: local authority had a right of way to a portion of this (and old quarrey) until 1970s but never formally divested themselves so my uncles solicitor is working to get them to sign away this claim. This has been going on for months now and I have no idea when it's going to be finished (I'm constantly advised "any day now").

Probate is complete: other parties have gotten their cheques months ago while I haven't got anything yet: the lands have not been transferred to me, nor has the money from the sale of the stock and at this rate, I don't see it happening before end of October. Am I still liable for the October tax payment this year or will it roll into next year, as i have not, as of 31 August, materially benefited from the inheritance of my uncles property?

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