Archive for September 2021

Receipts and Indemnities and Paying out to Beneficiaries

A core part of estate administration will be the distribution of funds to beneficiaries. This will normally come nearer to the end of the administration process. At this stage the residue has been established, debts have been paid and Revenue, HSE and Social Welfare clearance also obtained. In addition to this, a final estate account…

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Time limits in refund claims for UK tax credit

Just a quick one. You may be aware that there exists between Ireland and the UK a double taxation treaty which deals with CAT. The short version of this is that there is an arrangement between the two countries that residents of Ireland and UK don’t pay inheritance tax twice on the same asset. In…

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Gifts to adopted children by natural parents

I’m really dating myself here. But was your early childhood full of M*A*S*H*, Basil Brush and the Little House on the Prairie? Well maybe it wasn’t, but the latter programme with the great Michael Landon contained a general structure of happy start, middle tragedy, cosy ending. This email is a little like that. You might…

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Impact of adoption on s. 117 claims

I have been looking at various elements of section 117 claims over the last number of emails. Just a quick one on this. If a couple or parent places a child up for adoption, will it mean the child still has section 117 rights against their natural parents? The answer is no. The adopted child…

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Income Tax returns in estates – an update

It appears that the new Statement of Affairs has had an additional side effect which is not really that surprising. From speaking to my accountant colleagues, the Revenue are now more and more seeking income tax returns before they will issue income tax clearance on any estate. I am seeing this myself. The income tax…

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