Inheritance tax

The British are getting rid of Inheritance Tax of I think up to a million.
Should it the same be here.
Know someone at the moment who had to had over every cent of the sale price of a house they inherited to Revenue to cover tax and penalties plus Solicitors and Auctioneer fees.
 
The British are getting rid of Inheritance Tax of I think up to a million.
Should it the same be here.
Know someone at the moment who had to had over every cent of the sale price of a house they inherited to Revenue to cover tax and penalties plus Solicitors and Auctioneer fees.

In fairness, that's because they dodged the liability in the first place. Declare the inheritance and you pay government the tax due and that's it.

It's an unfair tax though as you're taxing assets that were already taxed in lifetime of deceased.

e.g. Paddy makes €400k on a business venture, tax, prsi,etc. applied of €200k and remainder left to Mary when he dies.

Mary taxed on the €200k remainder and receives €134k.

Essentially the original €400k that Paddy earned is subject to 67% tax.

Obviously, there are exemptions for passing property to offspring, nephews, etc. but they have been cut by over 50% in recent years.
 
In fairness, that's because they dodged the liability in the first place. Declare the inheritance and you pay government the tax due and that's it.

It's an unfair tax though as you're taxing assets that were already taxed in lifetime of deceased.

e.g. Paddy makes €400k on a business venture, tax, prsi,etc. applied of €200k and remainder left to Mary when he dies.

Mary taxed on the €200k remainder and receives €134k.

Essentially the original €400k that Paddy earned is subject to 67% tax.

Obviously, there are exemptions for passing property to offspring, nephews, etc. but they have been cut by over 50% in recent years.

Unless you're a filthy hillbilly farmer, of course......
 
In fairness, that's because they dodged the liability in the first place. Declare the inheritance and you pay government the tax due and that's it.

It's an unfair tax though as you're taxing assets that were already taxed in lifetime of deceased.

e.g. Paddy makes €400k on a business venture, tax, prsi,etc. applied of €200k and remainder left to Mary when he dies.

Mary taxed on the €200k remainder and receives €134k.

Essentially the original €400k that Paddy earned is subject to 67% tax.

Obviously, there are exemptions for passing property to offspring, nephews, etc. but they have been cut by over 50% in recent years.

Couldn't sell it until recently due circumstances outside their control plus recession on top of it.
They're going to have to take out a loan to pay balance of what's due.
 
Couldn't sell it until recently due circumstances outside their control plus recession on top of it.
They're going to have to take out a loan to pay balance of what's due.

They were badly advised. Revenue tend to be flexible if you make them aware that you received an inheritance but personal circumstances mean you can't realise the value or pay liability immediately. At the very least, they'll waive the penalties and come to a deal on a fair interest payment to cover the period from inheritance to the actual tax payment.
 
They were badly advised. Revenue tend to be flexible if you make them aware that you received an inheritance but personal circumstances mean you can't realise the value or pay liability immediately. At the very least, they'll waive the penalties and come to a deal on a fair interest payment to cover the period from inheritance to the actual tax payment.
That's what they're hoping.
Don't want to go into details but person administering estate fu*ked up and left the beneficiary close to a nervous breakdown over it.
 
those revenue scumbags put severe pressure on my mam, so much so that a few days after they called to her house with a form (breaking their own charter by doing so i'm told and after i asked them to instead just ring her accountant as he had everything) she dropped dead in the kitchen she was so worried

haven't heard a peep from them since despite me mailing them saying i've 50k or so for them if they'll take it and close the file, didn't even get a reply, let alone a fuck off.. i despise each and every one of them

will never forgive them as long as i live
 
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