There is a formula for determining how much that is worth to him. His age at the time your mother dies and his gender will have a bearing on how much the bill he faces will be.
The Revenue Commissioners say you take the market value. You then multiply this by an age and gender multiple that is listed in Multiplying the value of the home by this multiple , you get a figure of 296,910. This is the value in euro of the life interest to your brother and it is the figure he will need to return to Revenue for the value of the inheritance to him.
The way the law looks at it is that you do not have access to your inheritance as long as your brother is alive, unless he chooses to give up his life interest before then. So you are not liable to inheritance tax until he dies and you finally get full possession of the family home.
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Source: IrishTimes - 🏆 3. / 98 Read more »