PUBLIC EXPENDITURE MINISTER Jack Chambers has confirmed that there is room in this year\u2019s budget for changes to inheritance tax.\u00a0<\/p>\n
Speaking at the Fianna F\u00e1il think-in in Tullamore, the minister\u00a0was asked about calls from those in his own party and Fine Gael to make changes to the inheritance tax regime.\u00a0<\/p>\n
Asked if there was room in this year\u2019s budget, he said:\u00a0\n<\/p>\n
I think there is, depending on where we land on income tax.<\/p>\n
However, he ruled out an overhaul of the system that would see those without children being able to nominate a beneficiary, indicating that change would be around increasing the threshold.\u00a0<\/p>\n
\u201cThere are particular campaigns who want us to equalise different categories. That has a tax expenditure of hundreds of millions of euro, which isn\u2019t possible. And so, when I was Minister of Finance, we made modest adjustments to the different categories, which shielded more people from paying a level of inheritance tax\u2026<\/p>\n
\u201cAnd it\u2019s in I think that\u2019s the context for any adjustments on inheritance tax, rather than being able to make a very significant move. It is similarly modest. I think the wider taxation changes, whether it\u2019s on inheritance tax or income tax or other adjustments, are going to be modest, because it\u2019s a package of \u20ac1.5 billion. So, that\u2019s the room for manoeuvre for government in the budget overall,\u201d said Chambers.\u00a0<\/p>\n
\u2018Breakthrough\u2019 childcare budget<\/p>\n
Earlier in the day, Taoiseach Miche\u00e1l Martin said one of the key focuses for this year\u2019s budget will be childcare.\u00a0<\/p>\n
Children\u2019s Minister Norma Foley outlined more detail to reporters, stating that\u00a0this must be a \u201cbreakthrough budget\u201d in terms of early years and childcare costs for parents.\u00a0<\/p>\n
Acknowledging the government\u2019s pledge to move towards childcare only costing \u20ac200 per month, the minister said there\u2019s a huge priority being given to that by the Fianna F\u00e1il parliamentary party<\/p>\n
While she would not outline specifically how much savings parents will benefit from, she said:<\/p>\n
\u201cI believe I have the support to make a very significant cut, if you like, or advancement in terms of achieving that goal of \u20ac200 in this budget.\u201d<\/p>\n
Other elements would be the supports for providers, particularly in terms of the provision of additional places through the existing providers, or indeed the new state-led model, which we will be announcing in the coming weeks.<\/p>\n