{"id":127710,"date":"2025-09-08T12:04:08","date_gmt":"2025-09-08T12:04:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/127710\/"},"modified":"2025-09-08T12:04:08","modified_gmt":"2025-09-08T12:04:08","slug":"inheritance-tax-does-it-need-to-go","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/127710\/","title":{"rendered":"Inheritance tax: Does it need to go?"},"content":{"rendered":"<p>Under Ireland\u2019s current inheritance tax model, any gifts or inheritance up to a certain threshold are taxed at 33%.<\/p>\n<p>However, some have argued that this<a href=\"https:\/\/www.newstalk.com\/news\/inheritance-tax-uncle-demands-end-to-discriminatory-against-childless-2177208\" rel=\"nofollow noopener\" target=\"_blank\"> system is discriminatory<\/a>.<\/p>\n<p>Financial advisor and analyst Karl Deeter said, \u201cit\u2019s a tax on grief\u201d.<\/p>\n<p>\u201cSomeone dies and next of all, the Government are coming in to take all your stuff \u2013 it&#8217;s silly,\u201d he told <a href=\"https:\/\/www.newstalk.com\/shows\/the-hard-shoulder-234864\" rel=\"nofollow noopener\" target=\"_blank\">The Hard Shoulder<\/a>.<\/p>\n<p>\u201cI think it punishes hard work.<\/p>\n<p>\u201cPeople build over a lifetime, they work, they save, they sacrifice; I don\u2019t think it should be taken away at the end.<\/p>\n<p>\u201cIt\u2019s effectively double taxation because it also is taxing things that have already been taxed.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2161783\" src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2025\/09\/ER3G7D.jpg\" alt=\"Mother giving her daugther pocket money. Alamy.com\" width=\"1920\" height=\"1280\"\/> Mother giving her daugther pocket money. Alamy.com<\/p>\n<p>Mr Deeter said the system should be scrapped and instead replaced with <a href=\"https:\/\/www.newstalk.com\/news\/property-tax-should-go-up-if-your-house-isnt-occupied-deeter-1502543\" rel=\"nofollow noopener\" target=\"_blank\">property taxes <\/a>and taxes on assets and wealth.<\/p>\n<p>\u201cWe know that the taxation of movement of assets between two loved ones is wrong,\u201d he said.<\/p>\n<p>\u201cThe reason you know it is because there is no limit between two people in a married couple; that is known, it\u2019s accepted.<\/p>\n<p>\u201cBut suddenly the Government wants to jump in and take all your stuff when it\u2019s going to a child who you love just as much.\u201d<\/p>\n<p>&#8216;Scrap taxes elsewhere&#8217;<\/p>\n<p>However, Editor with The Currency Thomas Hubert said he thinks it should be the exact opposite.<\/p>\n<p>\u201cJust scrap taxes somewhere else and tax inheritance, because that\u2019s really something you get that you haven\u2019t earned yourself,\u201d he said.<\/p>\n<p>\u201cYou\u2019ve done nothing to deserve it, really; it\u2019s all based on luck, on whether you\u2019re born to parents who did well or not.<\/p>\n<p>\u201cI\u2019m working at the moment, paying a lot of tax on my income \u2013 I&#8217;d rather pay less now and pay more when, hopefully as late as possible, I inherit from my parents.<\/p>\n<p>\u201cThat will actually just be a bonus for my pension plan at that stage.\u201d<\/p>\n<p>According to Mr Hubert, \u201cthere\u2019s too much tax on labour\u201d.<\/p>\n<p>\u201cMaybe if more of that tax was directed towards things that are less painful to society like inheritance, that would be better,\u201d he said.<\/p>\n<p>Main image: A person holds and counts budget money.\u00a0Image: imageBROKER.com GmbH &amp; Co. KG \/ Alamy<\/p>\n","protected":false},"excerpt":{"rendered":"Under Ireland\u2019s current inheritance tax model, any gifts or inheritance up to a certain threshold are taxed at&hellip;\n","protected":false},"author":2,"featured_media":127711,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185],"class_list":{"0":"post-127710","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/127710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=127710"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/127710\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/127711"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=127710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=127710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=127710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}