23 Mar 2018 5:17 PM:

Hi there,

Quick update.

The professional advice I have been given with respect to receiving the funds is as follows:

a) Pay the tax in Ireland

b) Declare the inheritance on Modulo 720 next year, 2019 

 

Finner

Thread: Inheritance Tax on Irish assets

--------------------------------------

11 Mar 2018 7:38 PM:

@mariadecastro In the case of inheriting, my dad died in September but the inheritance is only coming through now (I am not the executor of the will). Does the six months apply from September of once the inheritance is finalized?

Should I transfer the funds to my Spanish account or Irish account?

How do I declare/ pay these taxes ?  

Thread: Inheritance Tax on Irish assets

--------------------------------------

09 Mar 2018 10:58 AM:

@Team GB  

Model 720 applies to the previous year, in this case 2017. In 2017 I did not inherit anything. The inheritance is only coming through now, in 2018. Any declarations will need to be presented next year.

@mariadecastro what is the tax procedure? Do I need to declare anything this year in La Renta? 

 

Thread: Inheritance Tax on Irish assets

--------------------------------------

07 Mar 2018 10:03 PM:

@mariadecastro thanks for your reply

What does IHT mean? Is it Inheritance Tax?

Does that mean I only have to pay a one off payment of tax for the money inherited and that's it? No Model 720 next year or anything like that?

Would the house be considered holdings once it is in my name? Wouldn't that mean I need to present a Model 720?

Thread: Inheritance Tax on Irish assets

--------------------------------------

23 Feb 2018 5:29 PM:

@mariadecastro / @purdyw

Thank you both for your replies.

@mariadecastro - I do not see how the Modelo 720 does not apply in my situation. As @purdyw has pointed out, cash + property of more than 50k requires the submission of this form and as far as I know (I do not have the details as of yet), the inheritance will be above the 50k. This is my understanding, unless I have been misinformed or I have misunderstood. For example now the following scenarios occur to me:

Do I declare (Modelo 720) only if the monies are transfered to a Spanish account?

What happens if I leave the money in an Irish account?

Are there different rules depending on where the balance resides ?

Is the inheritance the total of the estate or my portion of the estate? I will be recieving 50%.

Regards

Finner

 

 

Thread: Inheritance Tax on Irish assets

--------------------------------------