“I can’t afford to pay the tax on the house my aunt left me. What do I do?’

Q I am 45 years old and moved to South Africa five years ago. My aunt has passed away and I have just been informed that she left her home in Co Wicklow to me in her will. She was unmarried and had no children of her own. Looking at comparable properties in the area on Daft.ie, it looks like the house could be worth €550,000. I’m incredibly grateful to my aunt for this gift, I’m a worrier by nature and I’m afraid I’ll have to pay a big tax bill on this inheritance. It keeps me awake at night. How to finance this tax bill and how to do it from abroad? Joanne, Cape Town

A Because she was your aunt, your tax exemption threshold is Group B, meaning you will pay 33% Capital Acquisitions Tax (CAT) on any inheritance over €32,500. This, combined with the property’s indicative value, means that significant CAT liability is likely to arise.

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