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Inheritance Tax Valuation Date Question

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  • 01-07-2020 12:25pm
    #1
    BUDDYHOLLY1234
    Registered Users Posts: 18 ✭


    I have received an Inheritance from an Uncle (Non Blood) of An Amount of Money. It was worded in the Will that another beneficiary was to pay me this amount within 2 years of the date of death as a requirement of him receiving a farm to which he has done.

    I received this Money in the Middle of January, 2020 without the deduction of tax.

    Am I right in saying that the valuation date is the date that I received the money to my account or would I need to go to the Solicitor who administered the estate to see what date he received the money and use that as a valuation date.

    As he only gave me the money in January, 2020, I would expect he had only been in receipt of it then and even if he had received it a month or two early I would still have to file it by 31st of October, 2020 of this year in any regard so would be within the time limit of filing.
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    #2
    Calahonda52
    Registered Users Posts: 12,261 ✭✭✭✭Calahonda52


    The date you got it, do your own CAT return online, no need to pay anyone

    “I can’t pay my staff or mortgage with instagram likes”.



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    #3
    y0ssar1an22
    Registered Users Posts: 16,356 ✭✭✭✭y0ssar1an22


    BUDDYHOLLY1234 wrote: »
    I have received an Inheritance from an Uncle (Non Blood) of An Amount of Money. It was worded in the Will that another beneficiary was to pay me this amount within 2 years of the date of death as a requirement of him receiving a farm to which he has done.

    I received this Money in the Middle of January, 2020 without the deduction of tax.

    Am I right in saying that the valuation date is the date that I received the money to my account or would I need to go to the Solicitor who administered the estate to see what date he received the money and use that as a valuation date.

    As he only gave me the money in January, 2020, I would expect he had only been in receipt of it then and even if he had received it a month or two early I would still have to file it by 31st of October, 2020 of this year in any regard so would be within the time limit of filing.

    as its cash the valuation date doesn't really matter. just be sure you use the correct CAT threshold.


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