Property and inheritance taxes should be raised, says State’s commission on tax and welfare

If say my Dad had savings of 80,000 the vast vast majority of that money he has earned, through work, paid a significant rate of tax and is left with that.

if we inherit it… that money should again go through a tax filter ? The state grabbing another chunk ? Just because ?

not a fair premise in my opinion,

if in two years I died… the money is left to X…. they the state get another chunk ? Just because ?

it’s a scummy, premise….by the logic of it if my dad gifted my 10,000 now… the state should tax it…again ?

employees should pay tax, the money they are being paid with are from a pool of assets. Paying tax on earnings fine, gifts or inheritance, nope… slimy.

I think a strong Tax Advisor is the way to go and thanks again for that link.

The problem with people (like me) is that we assume as PAYE workers only is that we dont think we have enough to leave that would warrant advice, which is a big mistake.

I'm an Australian. There is CGT, but it's at a 3% lower rate and is far more equitable, in that you can take inflation into account. Ireland's CGT rate is probably more like 38%+ compared to countries that allow for inflation.

Ireland's taxes are high and go to paying for an over paid and inefficient public service. We have one of the highest spends on health care per person in the OECD and the worst outcomes.

This country doesn't need greater taxation, it needs politicians who aren't gutless cowards who can never face up to the need for cuts and improving efficiency. How Ireland wastefully spends it's income is the problem, not the amount of income.

Which is another reason why the spend side should be looked at in detail. The IMF told us 15 years ago we were spending way too much and that spend did not really come down. You only have to look at the public services the IMF said they are paid too much they got some cuts yet things like increments were still paid. It was like emptying a swimming pool with a bucket and taking water from the deep and and throwing it back into the shallow end. We also have to remember we have been borrowing like there is no tomorrow for our spend and we get very little for that spend. If you want anything decent you have to spend more like a private pension (where the government of the day can raid for what ever they want), and of course private health insurance. Can anyone see where 60 odd billion that has actually been spent in this country has gone??. The state commissioner needs to do another study on spend start with the HSE as we could pump another 5/6 billion in there and it wont make the organization any more efficient. Why should anyone pay any more tax in any guise while we get p1ss poor returns.?

It wont be happening no government will ever do it as it impacts their pocket. It will take the IMF coming back in again.

You are back to my point again.

An Estate of €500K left by a single person with no children but with one niece or nephew.

Huge liability on an Estate like that.

It is discrimination against single people or people who dont fit into the box of "family" according to the Tax Laws that were written in the dark ages. Time for them to be brought up to date and for all people to be taxed fairly.

Again, I have to be careful here because there are lot of people who cannot have kids for one reason or another and my sympathy goes out to them but if you are childless by choice surely this is just another thing to add to the pros and cons list when making that decision?

The laws take into account the relationship between the person leaving the estate and the person getting left it and apply accordingly. Nothing discriminatory about that and if you think there is you're in for a hard time dealing with the real world.

What societal changes have taken place that makes your niece/nephew/son/daughter any different a relation to you than they were forty years ago?

Why should you have the right to do that?

Should the person getting it have the right receive a massive amount of money tax free without paying it forward?

Speaking from a personal POV if I were in that position, 60s with an estate of 500k under me and no spouse or kids, I'd be selling up, moving to Spain and retiring as young as I could. Couldn't really care less about what happens my assets when I die.

The tax laws were written when a family was husband, wife (probably at home) and 2.5 children. Society has moved on since then.

Single people's Estate's should be given the same considerations as those without children.

My nephew is as important to me as someone elses child is to them. My Estate should be given the same reliefs as someone's with children.

You might not care less, but some of us do and that is why this discussion is taking place.

Well one way to reduce the incentive is to protect old money so that children of wealthy families never have to bother their arses through the generations. A proper tax system should incentivise them to get up off their arses and stand on their own two feet.

And would you think that that should be for unlimited generations? If your dad leaves you 80k, can you then leave that 80k on to your kids, and them to their kids and so on and so on?

Maybe the likes of the Westons should be able to pass down all their assets through unlimited generations with zero tax if is can be shown that someone paid the tax due on them a few hundred years ago?

Precisely

They get 30K each with out paying any tax.

Would love to have gotten 30K tax free from any source!!

Am aware of the information. Which is why I said it can be structured that way if someone actually wants to do it. Could leave an estate of about 3.5m to a niece or nephew CAT free. It also applies to agricultural assets. If you are only leaving them 50k then not worth the hassle

There is nothing outdated about taxation law in this area. At best perhaps the tax free amount could be increased to 50K for nieces etc and 500K for kids but thats very fair - thats a lot of money tax free for doing nothing.

Advice on this, don't go having kids to try spite revenue - they win every time and you'll have far less money when you're six feet under than if you didn't have kids.