Left money in a will - what to do re tax?

ReeReeG

I was left money in a will and am unsure what I have to pay in terms of tax. This was my late boyfriend, so not a spouse or blood relative which I assume makes a difference? I've tried googling but am completely lost, can't find a clear answer! Should I be asking in a citizens information centre or somewhere?
Thanks.

Effects

https://www.revenue.ie/en/gains-gifts-and-inheritance/gift-and-inheritance-tax-cat/what-do-you-pay-cat-on.aspx

Probably 33%.

onlinepal100

Assuming the inheritance was received on or after 12 October 2016, the first EUR 16,250 is tax free. Any amount over that will be taxed at 33%.

Example:

Inherit 50,000 from non-related 3rd party.
16,250 Tax Free
33,750 liable to Tax at 33% = 11,137.50

If received between 1 January and 31 August - Tax due to Revenue by 31 October of the same year.

If received between 1 September and 31 December is 31 October the following year.

ReeReeG

onlinepal100 wrote: »

Assuming the inheritance was received on or after 12 October 2016, the first EUR 16,250 is tax free. Any amount over that will be taxed at 33%.

Example:

Inherit 50,000 from non-related 3rd party.
16,250 Tax Free
33,750 liable to Tax at 33% = 11,137.50

If received between 1 January and 31 August - Tax due to Revenue by 31 October of the same year.

If received between 1 September and 31 December is 31 October the following year.

Thanks - I saw that comes under Group C from the Revenue website, but does "other relationship" include a non-married relationship do you know?

onlinepal100

If the funds were in a joint bank account you may be able to claim them clear of tax.

As a non-married partner I believe you will be liable to the tax.

I will confirm that for you.

ReeReeG

Not a joint bank account, so I suspect I will have to pay the tax. 

Not a massive surprise tbh.

And thanks so much for the replies.

Victor

If it is based on an insurance policy, you might also be exempt if you are the named beneficiary. But you will need to check this.

Peregrinus

ReeReeG wrote: »

Thanks - I saw that comes under Group C from the Revenue website, but does "other relationship" include a non-married relationship do you know?

Yes, it does. "Other relationship" means any relationship other than marriage, and other than the relationships which get you into group A or group B.