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Relative passed away. Capital gains tax query.

  • 13-02-2016 07:22PM
    #1
    Registered Users, Registered Users 2 Posts: 506 ✭✭✭


    Hi Guys.

    This is an area normally outside my realm of expertise, so any help given will be appreciated.

    My uncle very recently passed away.

    Before passing away he indicated to my brother and I that he would be leaving behind a particular area of land to each of us.

    I can remember us speaking to each other (separately) on the subject of Capital Gains Tax. He told me that he would give me a particular sum of money to cover this. I'm not sure if I should be disclosing amounts and acreages in the thread, but correct me if I'm wrong.

    Both my younger brother and I live abroad. He is in Australia and I in Germany. We came home for the Christmas passed.

    My younger brother got the cheque to cover his Capital Gains Tax. My uncle's health was already in decline before the chance for him to write me a cheque arose.

    The shock of his passing away is only now beginning to subdue a little.

    If I do inherit this land, could it prove to be liability in financial terms? I am studying and living off of my saving abroad. My brother has a full time job in Australia.

    The last thing I want is to be crass and/or have a falling out with my family over what has just happened.

    Please advise. Thanks.


Comments

  • Registered Users, Registered Users 2 Posts: 2,187 ✭✭✭tuisginideach


    As far as I know, you can only inherit slightly over 30K (uncle/nephew) before you pay inheritance tax so if your brother received land and a cheque he will, as far as I know, have to pay the tax on the combined amount. You, on the other hand, will only have to pay tax on the value of the land above 30K. I may be wrong.


  • Registered Users, Registered Users 2 Posts: 506 ✭✭✭galwayguy85


    OK. Thanks for clearing that up a little.


  • Registered Users, Registered Users 2 Posts: 15,073 ✭✭✭✭Geuze


    You pay CAT if you acquire an asset.


    CGT is paid on disposing of an asset.


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