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11/09/2014
Fianna Fáil Call For 'Urgent' Review Of Inheritance Tax Threshold
Fianna Fáil have said that there is an "urgent need" to review the thresholds for capital acquisition tax, which is paid on inheritances.
Finance spokesperson Michael McGrath said: "Parents want to be able to pass on the benefit of their hard work to their children and grandchildren. Whether this is in the form of the family home or savings, it is very important to many parents that they are able to provide for the future financial security of their family. Recent increases in property values mean that many more families are now potentially drawn in to the inheritance tax net. In many areas, a modest family home could no longer be passed from parent to child without triggering a significant inheritance tax liability. This can often result in the forced sale of the property to pay the inheritance tax.
"There is an urgent need to review the current thresholds so that they more accurately reflect current house prices.
Deputy McGrath highlighted that the inheritance threshold for a gift or inheritance between a parent and a child was reduced to €332,084 during the lifetime of the previous government but has since been reduced twice further and now stands at €225,000.
"Naturally, this is not an issue that many people spend much time thinking about but it can present a major financial problem later in life during succession planning or when an unexpected death occurs. There has been very little debate about this issue in recent times but I believe the Minister should review the thresholds in the forthcoming budget," Deputy McGrath said.
(MH/CD)
Finance spokesperson Michael McGrath said: "Parents want to be able to pass on the benefit of their hard work to their children and grandchildren. Whether this is in the form of the family home or savings, it is very important to many parents that they are able to provide for the future financial security of their family. Recent increases in property values mean that many more families are now potentially drawn in to the inheritance tax net. In many areas, a modest family home could no longer be passed from parent to child without triggering a significant inheritance tax liability. This can often result in the forced sale of the property to pay the inheritance tax.
"There is an urgent need to review the current thresholds so that they more accurately reflect current house prices.
Deputy McGrath highlighted that the inheritance threshold for a gift or inheritance between a parent and a child was reduced to €332,084 during the lifetime of the previous government but has since been reduced twice further and now stands at €225,000.
"Naturally, this is not an issue that many people spend much time thinking about but it can present a major financial problem later in life during succession planning or when an unexpected death occurs. There has been very little debate about this issue in recent times but I believe the Minister should review the thresholds in the forthcoming budget," Deputy McGrath said.
(MH/CD)
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