Inheritance tax between UK and Ireland

Erepa

I am UK born living in Ireland, with Irish citizenship. I am about to come into some money from my parents who were UK citizens (now deceased). There has been some inheritance tax to pay on the UK side and the amount will be above the Irish inheritance tax threshhold including a property. Will I also be liable for tax in Ireland and what are the Irish tax implications of this? Thanks

Edgware

Erepa wrote: »

I am UK born living in Ireland, with Irish citizenship. I am about to come into some money from my parents who were UK citizens (now deceased). There has been some inheritance tax to pay on the UK side and the amount will be above the Irish inheritance tax threshhold including a property. Will I also be liable for tax in Ireland and what are the Irish tax implications of this? Thanks

There is a dual tax arrangement between the two countries. As you are resident in Ireland you will be liable for the Irish levels but anything you have to pay in the U.K. can be deducted from the Irish tax liability. There isnt double jeopardy. As always the best approach is to have an accountant handle it. Their fees are not outrageous and can save you money.

Calahonda52

Edgware wrote: »

There is a dual tax arrangement between the two countries. As you are resident in Ireland you will be liable for the Irish levels but anything you have to pay in the U.K. can be deducted from the Irish tax liability. There isnt double jeopardy. As always the best approach is to have an accountant handle it. Their fees are not outrageous and can save you money.

Not a slam dunk.:(
OP, CAT/IH is self assessment, via ROS, so you need to get that access setup.
Don't pay for anyone else doing it for you

Edgware

Calahonda52 wrote: »

Not a slam dunk.:(
OP, CAT/IH is self assessment, via ROS, so you need to get that access setup.
Don't pay for anyone else doing it for you

I have a good accountant who doesnt rip me off. He has saved me thousands over the years

Erepa

Calahonda52 wrote: »

Not a slam dunk.:(
OP, CAT/IH is self assessment, via ROS, so you need to get that access setup.
Don't pay for anyone else doing it for you

Thanks Calahonda. I am already registered self assessed with ROS. Do I declare this inheritance with my annual return or when I receive it or is there anything else I have to do?

Seve OB

Calahonda52 wrote: »

Not a slam dunk.:(
OP, CAT/IH is self assessment, via ROS, so you need to get that access setup.
Don't pay for anyone else doing it for you

not great advice really.
just because you can do it yourself, doesn't mean you should.

Calahonda52

Seve OB wrote: »

not great advice really.
just because you can do it yourself, doesn't mean you should.

No advice given here: read the charter.

However, why pay a fee, for a return that you are liable for, where the machine does all the math.?
I have seen lawyers charge upward of euro 2,000 just for filing on ROS: a % of the tax paid was the basis.

Erepa

Thanks guys. I was easily able to register for ROS by myself. My question now is do I need to declare the inheritance when I receive it or when I do my annual return?