Inheritances must be declared in the year of death, not acceptance
Technical details
Summary
The consultant asks whether inherited assets should be declared in the 2024 or 2025 tax return. The DGT confirms they must be included in the 2024 return as inheritance acceptance has retroactive effect from the date of death.
In 6 key points
How it affects those involved
Inherited assets are subject to taxation in the year of the deceased's death, not when the inheritance is accepted.