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Calculation of Tax Inheritance

  • 08-09-2019 6:59pm
    #1
    holdfast
    Registered Users Posts: 1,150 ✭✭✭


    I just want to clarify how the tax is calculated. Say you got 100,000 over the threshold of 320,000 euro. This means there is a tax bill of 33,000. But say you had liabilities of 24,000 are they :

    a) taken directly off the 100,000 which is what I think it is or

    b) taken from the 33,000 -24,000= 9000 to pay.

    Thanks in advance


Comments

  • #2
    barneystinson
    Registered Users Posts: 4,683 ✭✭✭barneystinson


    holdfast wrote: »
    I just want to clarify how the tax is calculated. Say you got 100,000 over the threshold of 320,000 euro. This means there is a tax bill of 33,000. But say you had liabilities of 24,000 are they :

    a) taken directly off the 100,000 which is what I think it is or

    b) taken from the 33,000 -24,000= 9000 to pay.

    Thanks in advance

    What do you mean by liabilities of 24,000??


  • #3
    holdfast
    Registered Users Posts: 1,150 ✭✭✭holdfast


    Paying of solicitors- insurance on lost shares so they could be remedy in my name - funeral expenses


  • #4
    s7ryf3925pivug
    Closed Accounts Posts: 4,007 ✭✭✭s7ryf3925pivug


    you pay that out of the estate. you get what's left after everything is paid for - that's your inheritance.


  • #5
    holdfast
    Registered Users Posts: 1,150 ✭✭✭holdfast


    Thanks blergh. No that what I was thinking, I could not see them treating it like an businesses where you write off the losses against tax. Well that my limited understanding of that too.

    thanks


  • #6
    holdfast
    Registered Users Posts: 1,150 ✭✭✭holdfast


    I just want to check something the valuation date for the shares was in Nov 18 and the death was in Jan 18. Does this alter the tax paid as the shares were around the same value ??

    The CAT allowance was 310 in 2018 and 320 in 2019. Thanks, I think the paragraph below allows of the date to be different from the death.

    " The category which most inheritances fall into is the general category, i.e. the valuation date is the earliest date on which the personal representative was entitled to retain the benefit, or on which he retained the benefit, or on which he delivered the benefit. The issue is how to identify when the personal representative is “entitled to retain the subject matter of the inheritance for the benefit of the successor….”


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