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Standard Bank Account

Dáil Éireann Debate, Wednesday - 8 May 2019

Wednesday, 8 May 2019

Ceisteanna (158)

Seán Sherlock

Ceist:

158. Deputy Sean Sherlock asked the Minister for Finance the reason a joint account is frozen in the event of one of the named persons on the account dying when the account is for use in a marital situation between two spouses. [19464/19]

Amharc ar fhreagra

Freagraí scríofa

I am not aware of any reason why a joint account between two spouses would be frozen in the event of one of the spouses dying. I assume that the Deputy has a particular case in mind.

I would advise such a person who clearly is not satisfied with the actions of the particular bank to make a complaint to the bank's internal complaint resolution process. If they are not satisfied with the outcome of the complaint, they can make a complaint to the independent Financial Services and Pensions Ombudsman. Investigations by the Ombudsman are free of charge to the complainant.

I should clarify that an inheritance taken by a successor who is, at the date of inheritance, the spouse or civil partner of the disponer is exempt from inheritance tax. Section 109 of the Capital Acquisitions Tax Consolidation Act does provide that in the case of a death, where a sum of money in excess of €50,000 was lodged or deposited (other than in a current account) in the joint names of two or more persons, the financial institution concerned cannot make payments from the account to the survivor(s) until it is furnished with a certificate by Revenue that there is no outstanding claim for inheritance tax in connection with the deceased person or a consent in writing from Revenue to such payments pending the ascertainment and payment of inheritance tax. However, section 109 does not apply where, in the case of a joint account held by two persons, one person dies and, at the time of that person’s death, he or she is the spouse or civil partner of the other person.

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