torblednam
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I would say it is absolutely certain that it won't.Besides, it is by no means certain that Inheritance Tax will be abolished.
I would say it is absolutely certain that it won't.Besides, it is by no means certain that Inheritance Tax will be abolished.
Fine Gael has been pushing for changes to capital acquisitions tax and it is understood the tax-free threshold in the Group A category for children getting an inheritance from their parent will increase from €335,000 to €400,000.
The party was coming under pressure in its south county Dublin heartland, where property values are higher, so the tax was having a greater effect on legacies.
the presenter described 'leaving someone with a tax bill'.
Not by me. My point is one of the ideals and principles that a country should espouse. In that I think that it is morally wrong to lower tax on wealth transfers to rich people before we lower taxes on work.The idea posed, by some posters at least, is that increased capital taxes would lower income tax.
The logical conclusion of that is that all capital acquisitions tax exemptions should be abolished and gifts and inheritances taxed at marginal income tax rates.My point is one of the ideals and principles that a country should espouse. In that I think that it is morally wrong to lower tax on wealth transfers to rich people before we lower taxes on work.
On what sensible or reasonable basis can that be argued? The immediate family is the basic unit of Irish society and has special status in the Constitution. It makes perfect sense for the State to treat €400k gifted by me to my son differently to €400k gifted by me to you. It’s a tax on the beneficiary, and it looks at whom the money has come from. Arguably, the higher €33,500 threshold from the likes of aunts and grandparents is an anomaly and there should only be two Bands, ‘parent/child’ and ‘other’.In a piece in the Independent today it say "Fine Gael is claiming credit for the changes after Taoiseach Simon Harris said there are “unfairnesses” and “anomalies” in the system"
Surely the biggest “unfairnesses” and “anomaliy” in the system are the different thresholds for the various Groups. The most privileged group get a further advantage with this change.
I think it's outrageous discrimination.On what sensible or reasonable basis can that be argued? The immediate family is the basic unit of Irish society and has special status in the Constitution. It makes perfect sense for the State to treat €400k gifted by me to my son differently to €400k gifted by me to you. It’s a tax on the beneficiary, and it looks at whom the money has come from. Arguably, the higher €33,500 threshold from the likes of aunts and grandparents is an anomaly and there should only be two Bands, ‘parent/child’ and ‘other’.
Completely agree.I think it's outrageous discrimination.
For example our uncle lived with us all our young lives until he died and was every much a part of our immediate family as I was.
More generally the "immediate family" principle has been already ditched for CAT purposes to encompass everything from birth parents to step parents to foster parents and everything in between, and I see no problem with that.
In my experience, when an uncle or aunt leaves a significant bequest to a niece or nephew, it is usually because their is a special and irreplaceable bond between the two.
No way should that be taxed more harshly than gifts or inheritances from parents.
No way should that be taxed more harshly than gifts or inheritances from parents.
That would certainly be more equitable than the current situation.Fine. The abolish the Group A amounts and tax everyone on any gifts or inheritances received from anyone over a lifetime limit of say €30,000.
Brendan
Those special provisions apply for obvious situations where someone else is in loco parentis or a parent of a minor child dies etc.I think it's outrageous discrimination.
For example our uncle lived with us all our young lives until he died and was every much a part of our immediate family as I was.
More generally the "immediate family" principle has been already ditched for CAT purposes to encompass everything from birth parents to step parents to foster parents and everything in between, and I see no problem with that.
In my experience, when an uncle or aunt leaves a significant bequest to a niece or nephew, it is usually because there is a special and irreplaceable bond between the two.
No way should that be taxed more harshly than gifts or inheritances from parents.