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tax on inheritance

  • 15-12-2015 08:49PM
    #1
    partnership
    Registered Users, Registered Users 2 Posts: 303 ✭✭


    Would be grateful for some advice please.

    MIL dies and leaves house between four adult children. One of them and his wife wants to buy the others out and it is agreed. Solicitor has said their may be tax due if it is put in both their names as daughter in law is no relation (she is to check out). This would only be on the quarter share. Any advice?


Comments

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


    partnership wrote: »
    Would be grateful for some advice please.

    MIL dies and leaves house between four adult children. One of them and his wife wants to buy the others out and it is agreed. Solicitor has said their may be tax due if it is put in both their names as daughter in law is no relation (she is to check out). This would only be on the quarter share. Any advice?

    Why not son enters into transaction by himself followed by transfer of his share into joint names with his wife?


  • #3
    partnership
    Registered Users, Registered Users 2 Posts: 303 ✭✭partnership


    Can this be done if mortgage in joint names? And is there a cost involved.


  • #4
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    What the hell is wrong with people

    Property advice is banned here for good reason.

    Go seek a solicitor's advice. EDIT- I see you have one- Pick up the phone.

    The very first response is wrong. It has been willed to the kids.

    Is there a cost- of getting incorrect advice on Boards?- Yes. Fixing it. Twice as expensive as going to a solicitor in the first place.

    There is CAT on the transfer from the other siblings to the first sibling. You cannot circumvent the gift in the will. Goes to the children in equal shares and then transferred to the other child. There is a relieving provision where this can be held to be a Threshold A Gift as a connected disposition but your solicitor will sort that.


  • #5
    partnership
    Registered Users, Registered Users 2 Posts: 303 ✭✭partnership


    I don't quite understand Mr Incognito - on one hand you are telling me not to post here and to seek solicitors advice and on the other you are actually giving me some information or a viewpoint.

    I have contacted a solicitor, it was them who raised the possibility. While I am waiting on them to come back to me I wanted to see if anyone had been in a similar situation or was aware of this. I think that is what this forum is for. Any information I get on here would be thoroughly checked with the relevant officialdom before acting on it.

    In relation to the information you give I didn't think there is a CAT on on the transfer because we are simply buying them out not transferring.


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