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Family Will

  • 12-10-2016 10:49PM
    #1
    Ihglcc
    Closed Accounts Posts: 56 ✭✭


    I need advice regarding a will. Also as tax laws differ from country to country i need to hear from Ireland only.

    I was told in April I was mentioned in a will of my late uncle. His house was recently been sold.

    Yesterday's budget said there was some kind of change in the status of a will. What was it?

    What is the current Tax for a will? what do I need to pay?

    And as an example, if there was say €50,000 in the will what would I need to pay in TAX?

    What do I need to do? Who do I need to call? social welfare (I am a student in college) tax office??

    Thank you in advace.


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 401 ✭✭Lockedout2


    The inheritance is subject to Capital Acquisitions Tax.

    There is an exemption based on your relationship to the person who died.

    So your uncle is Class B €30,150 exempt balance at 33%.

    Talk to the solicitor who might suggest an accountant to help you out.


  • #3
    Mary63
    Closed Accounts Posts: 801 ✭✭✭Mary63


    Can you ask for legal advice on this thread.

    I have a query regarding the wording of a will.


  • #4
    Steve
    Registered Users, Registered Users 2 Posts: 22,575 ✭✭✭✭Steve


    Also, be aware the exemption is a lifetime limit, not a transaction limit.

    If you have previously inherited from the came class of family member then it counts towards the limit and above that you must pay 33% of it for Enda Kennys fat pension. :)


  • #5
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    Mary63 wrote: »
    Can you ask for legal advice on this thread.

    I have a query regarding the wording of a will.

    According to forum charter of Legal Discussion forum, the answer is no. So its going to be a no here as well. Suggest you ask a solicitor.


  • #6
    Steve
    Registered Users, Registered Users 2 Posts: 22,575 ✭✭✭✭Steve


    Mary63 wrote: »
    Can you ask for legal advice on this thread.

    I have a query regarding the wording of a will.
    You can ask, however you will only get unqualified opinions of potentially crazy internet people and boards.ie will not be responsible.
    dogsears wrote: »
    According to forum charter of Legal Discussion forum, the answer is no. So its going to be a no here as well. Suggest you ask a solicitor.
    That charter does not apply here. :)


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  • #7
    Mary63
    Closed Accounts Posts: 801 ✭✭✭Mary63


    ok,thanks anyway.


  • #8
    Ihglcc
    Closed Accounts Posts: 56 ✭✭Ihglcc


    is here a difference from an aunt to an uncle then?


  • #9
    Mary63
    Closed Accounts Posts: 801 ✭✭✭Mary63


    Its the relationship not the gender so no difference between Uncle and Aunt.


  • #10
    Steve
    Registered Users, Registered Users 2 Posts: 22,575 ✭✭✭✭Steve


    Relationship groups are detailed here:

    http://www.revenue.ie/en/tax/cat/thresholds.html


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