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CAT Tax from UK inheritance/gift

  • 16-10-2018 11:57am
    #1
    ginger_hammer
    Registered Users, Registered Users 2 Posts: 147 ✭✭


    Hi,

    Hypothetically, if my grandmother died in the UK and left my mum (also in UK) a sizable cash inheritance which then she in turn decided to split between myself and my brother, then would I (a UK citizen, Irish resident for 10+ years) have to pay CAT on that?

    I presume it would be treated as a gift and not inheritance as it went to my mum first.

    Would the threshold of 320k apply as its from category A? Even if its a gift and not direct from an inheritance?

    Would UK tax be paid so I would then get the double taxation rules and claim something back from Irish taxation?

    I think I could receive anything up to category A allowance before any tax is considered - would I still need to complete the forms for CAT?

    EDIT: Answered my own question on completing forms from revenue:
    "If the total value of your gifts and inheritances exceeds 80% of the relevant group threshold, you must file an IT38 return. To calculate if you have reached 80% of the threshold, include all gifts and inheritances received since 5 December 1991. This obligation applies, although you are not due to pay Capital Acquisitions Tax (CAT)."


    Many thanks to any answers!


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