Thresholds, exemptions, and tax reliefs apply, as stated below, therefore always seek the counsel of a tax professional.
Contact us on (01) 4428230 to speak with our tax professional now.
What is the concept of inheritance tax?
Inheritance tax is a tax placed on the assets of a deceased person. The tax is levied when money or other assets, such as family residences, are passed on to a beneficiary through a will, intestacy (when someone dies without leaving a will), or by the surviving owners of jointly-owned assets. The balance of any income earned above the recipient’s tax-free threshold amount is taxed at a rate of 33 percent for the individual receiving the benefit.
Who is required to pay inheritance tax?
The individual who inherits the inheritance must pay Irish inheritance tax. If the beneficiaries of a deceased person’s estate receive sums in excess of the threshold amount, they will become liable for inheritance tax.
Exemptions from inheritance and capital gains taxes in Ireland
Regardless of the overall amount, any inheritance between spouses or civil partners is fully free from capital purchases and inheritance tax responsibilities.
Exemptions may apply to all other beneficiaries in certain circumstances. These exemptions, including the individual tax-free allowance, will be based on the recipient’s connection to the dead person. The largest allowance is given to Group A beneficiaries, and it applies if the recipient is the dead’s child (including adopted children, stepchildren, and certain foster children), or a minor grandchild of the deceased if their parent is no longer alive.
Deadlines for Irish Inheritance Tax
Any relevant inheritance tax bills must be paid by 31 October of the same year for any inheritances having valuation dates within the twelve months ending 31 August.
How do I file a tax return?
Inheritance tax is reported on tax self-assessment forms. For inheritance received on or after June 14, 2010, the return must be filed online using the ROS (Revenue Online Service). Alternatively, you might seek the assistance of a tax counsellor or accountant to file your return.
Contact us on 01 4428230 to speak with our professional accountant now.
More Services
We offer a wide range of accounting-related services of unrivalled quality and dependability. We believe that each customer should be treated as an individual with distinct needs and requirements. TAS provides each customer with customised and tailored solutions in the following areas:
VAT Services
Company Registration
Accounting Solutions
Capital Gains Tax
Payroll
Tax Returns
Business Advisory
Inheritance Tax
Other Services
Year-End Accounts
Happy Clients
Years of Experience
Affiliations
Recent Blogs
How to avoid penalties on your corporation tax
Scope of Corporation Tax Corporation tax is levied on profits earned by limited companies that includes trading profits, Disposal or sale of assets, and investments.Non Resident companies or Branches of Foreign companies operating in Ireland are also...
Avoid these Top 5 Bookkeeping Mistakes
For SMEs, accurate bookkeeping is crucial. Here are the greatest accounting blunders to avoid. Correct bookkeeping is crucial. You may get current management information on the performance of your organisation via good bookkeeping. One of a small...
Tips for Landlords on Taxes
Taxes are a complex subject, and they can become even more confusing when you factor in real estate. However, we hope to make it simpler for you with our Top Tax Tips for New Landlords. Declare Your Income Tax and Register! You must declare any rental...
Is it necessary for me to file a tax return?
Recently, I've heard people discussing the tax return filing deadline, so I was wondering if I needed to file one myself. Everyone in Ireland who earns money is required to pay taxes. Because of how our tax system is set up, if you work as an employee,...
How Much Do Accountants Charge for Small Business
Every business should strive to keep overhead costs to a minimum, but SMEs in particular should do so because their budgets are typically smaller. An internal accounting team or corporate accountants can be a very expensive overhead for a small...
Small Business Cash Flow Management Tips
Here are some suggestions to help you manage your cash flow, especially if you're having financial difficulties. How important is cash flow management in the business world? Cash flow is a powerful financial indicator that can reveal a lot. Being in good...
Office
Office 80, Cherry Orchard Industrial Estate Ballyfermot Road, Co. Dublin D10NX96
Hours
M-F: 8am – 5pm
S-S: Closed
Call Us
01 4428230
Mobile/Whatsapp 0353 851477625