Five ways to legally avoid inheritance tax in Ireland

"Inheritances can result in significant tax liabilities for the beneficiaries of an estate. Capital Acquisitions Tax (CAT) is levied at a rate of 33pc on the value of inheritances, and it's the responsibility of the inheritor to pay the tax due. This can prove to be challenging where an individual inherits a non-cash asset like a residential property as they may be forced to sell the property, even if they don't want to, in order to come up with the cash needed to pay the CAT."

"There are smart ways to minimise, and even avoid, the financial consequences of inheritance tax"

Capital Acquisitions Tax (CAT) applies to inheritances at a rate of 33%. The inheritor is responsible for paying the tax due. Significant tax liabilities can arise for beneficiaries of an estate. Non-cash assets such as residential property can create liquidity problems for beneficiaries. Beneficiaries may be forced to sell inherited property to raise cash to pay CAT. There are strategies that can minimise or avoid the financial consequences of inheritance tax. Utilising trusts, lifetime gifts, tax exemptions, and timely valuations can be effective tools to reduce liabilities and prevent forced sales.

Read at Independent