Booh said:Thanks for the input. You are right about the thresholds. Spouses are exempt but children are not exempt. After about €490k threshold there is a 20% Tax on the balance. My point is that if parent dies and leaves a modest 3 bed semi detatched house in say a nice suburb of Dublin for example that house is probably worth €750,000 - €1,300,000 depending on the exact suburb. Even at €750,000 that child has a tax liability €750,000- €490,000 = €260,000 @ 20% = €52,000 tax. That of course assumes that the child still has the full threshold available.
I just fail to see why that should be taxed at all.
This point of view could be used to support inheritance taxes instead of deny them. Your kids didn't work hard to earn your house. Why should they get the benefit of it tax-free? If they work hard, they'll earn their own house.Booh said:Well then i guess that I am simply selfish as I am not in to the idea of redistributing wealth. I am a capitalist. You work hard and if you do well good luck to you. Certainly take care of the less 'able' in your society but i'm not happy to support the less 'bothered'.
RainyDay said:This point of view could be used to support inheritance taxes instead of deny them. Your kids didn't work hard to earn your house. Why should they get the benefit of it tax-free? If they work hard, they'll earn their own house.
Great to see a sensible, enlightening debate on this matter, btw.
RainyDay said:This point of view could be used to support inheritance taxes instead of deny them. Your kids didn't work hard to earn your house. Why should they get the benefit of it tax-free? If they work hard, they'll earn their own house.
Great to see a sensible, enlightening debate on this matter, btw.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?