Inheritance Tax

Darrenon91

Might be one for a different forum.

My partner is being gifted her home house by her mother who is moving out to a smaller more managable apartment. The house hasn't been valued yet but my understanding is that she can receive 400k worth of assets tax free and should it be valued more, we are due to pay 33% above that, is that correct? Is there exceptions to this, we intend to stay here for good.

We want to do extensive renovations also so we want to potentially take about another mortgage (we own and rent another property with a mortgage on it), is this even possible?

To add to this, my partners Dad died when she was young and she received a death in service insurance payment. Is this considered a gift?

Geuze

There is a tax forum, also.

Broadly speaking, you are correct about the exemption from CAT up to 400k.

It is a lifetime figure, so any gifts already received eat into the 400k.

Does your partner live in the house in question? If so, there is something called the welling House relief, but it won't apply if she owns another house, which is the case here.