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

Not only do foreign REITs not pay any corporate tax on profits, they don't pay any CGT either. Ireland is once again being milked by wealthy German investors while there are calls from the public sector socialists to increase taxes on people actually living in Ireland to compensate for the incredible tax breaks and largese so freely offered to wealthy foreigners.

I want to move to NZ. I know, don't let the door hit me in the face on the way out...

There is 100% exemption from CAT for inheriting a family home where both are actually living in it as their main home before the inheritance

The super rich with plenty of cash to spare will take legal & tax advice, sets up trusts etc and find a way to pass it on.

Like most tax increases the middle would be hit the hardest. Not that I think lower earners should be hit any harder.

I don’t think it’s going to happen anyways, but the rules have already changed significantly over the past ten years or so.

Enough is enough. No more taxes without spending cuts.

The way things are going they will have nothing left after tax to buy stuff with anyway.

The Shinners have now come out and said that they will reduce the inheritance threshold to €300k and raise the rate to 36%. So it would appear that their policy is now a free foreva-home for everyone and tax the boll1x of everybody else who bothers to get off their ar*se to go out and provide for their families!

That'll work well!

And you can do.

It won't cost you a penny.

More leaks about the Commission on Taxation and Welfare: remove tax relief from health insurance, eliminate many or most lower rates of VAT. The sheer lack of political judgement from these muppets is staggering:

Your employer has already paid tax on the money they pay you.

Your employer's customers have already paid tax on the money they spend with the.

Their employers, in turn, have already paid tax on the money used to pay them.

All money is taxed multiple times.

Why should the cycle suddenly stop with people inheriting or getting gifts for free?

The commission is quite the roll call of civil servants, quango heads and other assorted government sucklings.

You'll find academics, representatives from Revenue and the DSP, Enterprise Ireland, the European Commission, the eco-weenies, IBEC, a state-funded economist and a trade union nominee.

You'll find some people from the 'tax industry', who will happily put their name to anything so long as it doesn't make tax compliance any simpler.

I found only one member who I'd call wholely private sector. She's set up a dating agency. Her new startup's website is more or less a begging letter looking for investment.

Fresh ideas don't sprout from places like this.

Well to start let the public sector cover the full cost of their own pensions there is a nice whack of cash. We need to go through large orgs in the public sector route and branch and find out where the expense is case in point the HSE no matter how much is thrown it always seems in disarray, then go through the welfare and cut out those who are milking the system and lets be clear its not just an increase in inheritance tax its any additional taxation at all. We pay more than enough for a decent service - which we dont get in a lot of areas.

I would rather him and his kids getting the money than the state getting it and p1ssing it away. They cant be trusted with it. No more additional taxes until our spend is brought under control

The report is published.

Get ready to be ridden even more for tax in the future.

They want to increase DIRT on interest to the marginal rate and apply USC to it also. They also want to minimize the tax free lump sum people can take from their own private pensions at retirement with anything over that subject to the marginal rate - pensions people contributed to for decades. They want TRS on private health care gone. There's plenty more as well.

Daylight robbery of working people trying to better themselves.

Key message no. 3:

It is necessary to broaden the tax base so as to limit the need for increases in tax rates and to secure the sustainability of the taxation system against future challenges. This will entail widening the base within taxheads and increasing the yield from taxes which are least distortionary, promote environmental goals and enhance the overall progressivity of the system. The balance of taxation needs to shift away from taxes on labour and towards taxes on capital, wealth and consumption. A strengthening of the PRSI system is also required. Over-reliance on Corporation Tax receipts to narrow the tax base or increase public spending needs to be curtailed.

I broadly agree with this, although I would like to see more detail on how income taxes might be reduced.

Chapter 7 will not be popular!!

Chapter 7: Taxes on Capital and Wealth

7.1 The Commission recommends, on horizontal equity grounds, that the transfer of assets on a death is treated as a disposal for Capital Gains Tax purposes. The Capital Gains Tax treatment of assets transferred during a lifetime in terms of tax payable, exemptions and reliefs available should also apply to assets transferred on a death.

7.2 The Commission recommends that the Capital Gains Tax Principal Private Residence Relief should be restricted over time.

7.3 The Commission recommends the introduction of a lifetime limit on all disposals of businesses and farms to children that qualify for Retirement Relief.

7.4 The Commission recommends substantially reducing the Capital Acquisitions Tax Group A threshold, bringing the Group A threshold closer to the Group B and Group C thresholds. Furthermore, the Commission recommends that the reporting requirements relating to the utilisation of group thresholds be strengthened.

7.5 The Commission recommends that the Group B relationship thresholds for Capital Acquisitions Tax should apply to a foster child in the same manner that would have been applicable if the child in question was, in law, a child of his or her foster parents.

7.6 The Commission recommends that the level of Agricultural and Business Relief available for Capital Acquisitions Tax be reduced and that the qualifying conditions for both reliefs be amended to incentivise, and ensure active participation in the farm or business by the recipient.

7.7 The Commission recommends that a modest charge should be applied to gifts and inheritances generally.