inherit over \u20ac521,000 tax-free<\/a>, before a tax of 20% was charged.<\/p>\nBetween 2008 and 2012, tax-free thresholds on inheritances were steadily decreased while the rate of CAT was increased.\u00a0<\/p>\n
Harris acknowledged that the changes made on budget day will not satisfy those who want equalisation of the inheritance tax system, particularly those who do not have children and want reforms so they can leave assets to a chosen beneficiary.\u00a0<\/p>\n
TDs advocate for people who do not have children<\/p>\n
During the vote on Tuesday evening on the inheritance tax changes, a number of TDs criticised the government for not taking the opportunity for wider reforms to the system.\u00a0<\/p>\n
Independent Ireland TD Michael Collins said there were a lot of promises and soundings made that have not been delivered on.<\/p>\n
\u201cThe bottom line is that this needs to be looked at again. I am pleading with the minister to look at it again and to give everybody a chance,\u201d he said.\u00a0<\/p>\n
Kerry TD Michael Healy-Rae said he warmly welcomed the changes.<\/p>\n
However, he added:<\/p>\n
\u201cPeople who get married, or not, and who do not produce children of their own and do not have what we call direct heirs, those people work very hard. It might be their own house or a second house, or it might be a farm of land and when they eventually pass on, they see their asset being devalued so much because whoever they give it to will have to pay so much inheritance tax on it.<\/p>\n
\u201cI know that everything cannot be done all together at the same time but I would be very much hoping that in the future, we will be able to look at those categories of people and do something more to help them.\u201d<\/p>\n
However, Sinn F\u00e9in\u2019s David Cullinane said he was not in favour of the inheritance tax changes, stating that \u201cFine Gael represents a cosseted, privileged class\u201d.<\/p>\n
\u201cI do not know of many people who are looking for changes to inheritance tax\u2026\u00a0<\/p>\n
\u201cThe scandalous part about this resolution is that if a house is sold for \u20ac800,000 and two children benefit from it, they will not pay a single cent in inheritance tax,\u201d he said.<\/p>\n
People Before Profit TD Paul Murphy said only a small number of people are impacted by inheritance tax.<\/p>\n
\u201cMost people do not get that. Only a third of people get any substantial inheritance whatsoever in the course of their entire lifetime. The average inheritance that people get is about \u20ac100,000,\u201d he said.<\/p>\n
\u201cIt is the most well-off, most comfortable people who will benefit from this tax change at a time when the majority of people are struggling with the cost of living crisis,\u201d added Murphy.\u00a0<\/p>\n
Poll: Were you happy with the inheritance tax changes in this year\u2019s budget?\u00a0<\/p>\n
\n Poll Results:<\/p>\n
No, they should have gone further (532)<\/p>\n
No, I don’t agree with increasing thresholds (41)<\/p>\n","protected":false},"excerpt":{"rendered":"THE INHERITANCE TAX changes in this year\u2019s budget are \u201ca step\u201d in the right direction with\u00a0T\u00e1naiste and finance…\n","protected":false},"author":2,"featured_media":647843,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[166626,72,2056,166181,176,61,14305,60,174,175,70,148808],"class_list":["post-647842","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-budget-2027","tag-business","tag-families","tag-family-home","tag-finance","tag-ie","tag-inheritance-tax","tag-ireland","tag-personal-finance","tag-personalfinance","tag-simon-harris","tag-thresholds"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/647842","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=647842"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/647842\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/647843"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=647842"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=647842"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=647842"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}