Inheritance tax – pay by installments
Tax law provides for the payment of inheritance or gift tax by means of 60 equal monthly installments where a beneficiary takes:
1) an absolute interest in immovable property i.e land or buildings
2) agricultural property consisting of land, buildings and farm machinery
3) relevant business property or a limited interest taken in any property.
Taxpayers may opt for this method of payment when completing their self assessment IT38 tax return.
Where the option to pay by 60 monthly instalments is exercised, the first instalment is due and payable on 31st October immediately following the valuation date.
Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie