Inheritance tax Ireland

2022 - 9 - 12

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Image courtesy of "RTE.ie"

'No appetite' to reduce inheritance tax threshold (RTE.ie)

It comes as proposals from the Commission on Taxation and Welfare, due to be published by the Minister for Finance Paschal Donohoe on Wednesday, call for ...

Parents should not have to worry about their children paying this tax." "If anything, those who have paid so much in taxes and provided so much for their families should be rewarded and not punished. We are calling for this to be the position in Budget 2023 and taxes are cut and not added to".

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Image courtesy of "Independent.ie"

Young people in Ireland face risk of 'substantial' reduction in the ... (Independent.ie)

There should be a “substantial” reduction in the amount of money parents can leave to their children tax-free, a Government-appointed commission on taxation ...

It wants an increase in child benefit rates for low-income households, on a tiered basis. What is known as the small gift exemption under the CAT regime allows a parent to gift up to €3,000 a year to a child without them having to pay the tax at 33pc. Amounts over €3,000 count off a child’s life-time tax-free threshold of €335,000. Mr Martin said there is “more to do” on the cost of children going to school. The commission is not calling for any of its recommendations to be in this month’s Budget, but rather it wants its recommendations implemented over a 10 to 15-year period. The commission’s report is due to be published by Mr Donohoe on Wednesday and this proposal will prove to be one of the most contentious.

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Image courtesy of "The Irish Times"

'No appetite' to cut tax-free inheritance limit, Taoiseach says (The Irish Times)

Budget focus will be helping families with children with the cost-of-living crisis, Micheál Martin says.

He said that the Government may even exceed this year’s targets. “It [housing] is the big social issue of our day which will be a constant for quite some time. There are challenges there, but we will overcome them.” This will need a society wide response, to work together and remove obstacles to development. Mr Martin said he has not seen the report in full. but now actually we want to take more off you when you die and you can’t give it to your family members’ - I think there’s an issue with that in terms of fairness.

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Image courtesy of "BreakingNews.ie"

No appetite to reduce tax-free inheritance threshold - Taoiseach (BreakingNews.ie)

Three members of Fine Gael's finance committee said reducing the amount a child can inherit tax-free from their parent during a cost-of-living crisis would ...

Parents should not have to worry about their children paying this tax," it added. "Young people across Ireland are following in the footsteps of their parents and are working hard to provide for their future, their families and homes of their own. "People who work all their lives to put a home over their heads and provide for their family should not be punished for their hard work when they wish, at the time of their choosing or indeed their passing, to provide their children with something to help secure their future," their statement said.

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Image courtesy of "Belfast Telegraph"

No appetite in Government to reduce inheritance tax threshold ... (Belfast Telegraph)

Micheal Martin said he believed many families would be 'disadvantaged' if the thresholds were reduced. Taoiseach Micheal Martin (PA) ...

I think the top 20% pay up to 80% of income tax for example. He said the Government would also work with the European Union through the crisis. He said the Government would use the Budget to help people with the increased cost of living.

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Image courtesy of "Newstalk"

Inheritance tax increase 'is taking money out of people's pockets ... (Newstalk)

There should be a “substantial” reduction in the amount of money parents can leave to their children tax-free. That's according to the Government-appoi...

That’s according to the Government-appointed commission on taxation and welfare. There should be a “substantial” reduction in the amount of money parents can leave to their children tax-free. Inheritance tax increase 'is taking money out of people's pockets' - Richmond

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Image courtesy of "Laois Nationalist"

No appetite in Government to reduce tax-free inheritance threshold ... (Laois Nationalist)

Three members of Fine Gael's finance committee said reducing the amount a child can inherit tax-free from their parent during a cost-of-living crisis would…

Parents should not have to worry about their children paying this tax,” it added. I think the top 20 per cent pay up to 80 per cent of income tax for example. Those on the highest earnings, pay the highest amount of tax.

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Image courtesy of "Newstalk"

Increasing inheritance tax is 'nonsensical', says Fine Gael TD (Newstalk)

A proposal to increase inheritance has been labelled “nonsensical” by a Fine Gael TD. The Government's Commission on Taxation and Welfare is due to be published ...

We already tax it quite a bit; the idea of lowering the threshold and increasing the tax in these difficult times is absolutely nonsensical.” “We already have the third highest inheritance tax rate in the EU, the seventh highest in the OECD. “This is looking to increase a tax on a property - most likely a family home - that people have most likely already paid tax on multiple times.

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Image courtesy of "Kildare Nationalist"

No appetite to reduce tax-free inheritance threshold - Taoiseach (Kildare Nationalist)

Three members of Fine Gael's finance committee said reducing the amount a child can inherit tax-free from their parent during a cost-of-living crisis would…

Parents should not have to worry about their children paying this tax,” it added. I think the top 20 per cent pay up to 80 per cent of income tax for example. Those on the highest earnings, pay the highest amount of tax.

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Image courtesy of "thejournal.ie"

Taoiseach pours cold water over suggestion to reduce inheritance ... (thejournal.ie)

Under the current rules, children are able to inherit €335000 from their parents before they have to pay tax at 33%.

“What people want is the party to be focused on the issues that matter to people. It was reported at the weekend that a Garda Siochana Ombudsman Commission report has found Cowen did not seek to avoid a Garda checkpoint 2016. They want their politicians to focus on the issues that matter to them,” he told reporters. There are issues that I’ve been pretty consistent on that nobody could be happy about in terms of the release of personal information pertaining to Barry at the time. The cost of living being the number one issue.” Speaking to reporters today, Troy said he will “most certainly” run in the next General Election. “Barry and I may disagree. And you can’t leave it to your family members’”. “We are focused on issues. Housing, we’re focused on the health issues, we’re focused on a whole range of of issues that matter to people. Despite the request for a meeting on how the party plans to appeal to the electorate in the local elections, no time was allocated for such a discussion at the party think-in, much to the frustration of many. Speaking to reporters at the Fianna Fáil think-in meeting in Mullingar, he said he did not think there was an appetite for such a proposal, stating there is also an issue with the fairness of the measure.

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Image courtesy of "Farm Ireland"

Farm families face 'catastrophic' cut to inheritance tax relief (Farm Ireland)

Farm inheritance tax breaks should be reduced, an expert group has advised the Government. It comes amid concerns Ireland's uber-wealthy are using the ...

Such a move would be a hammer blow for farm succession and would reverse all of the progress made in the past two decades on that front,” said O’Sullivan. Reducing agricultural relief from 90pc to 80pc, would result in an estimated additional tax yield of €9m for the full year. “That’s my objective — to retain all,” he said.

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