Why inheritance is the dirty secret of the middle classes – harder to talk about than sex

So, in summary:

Forced selling of farms = bad

Forced selling of houses = good

Wouldnt happen to be a farmer would you?

Don't worry dude. I pay tax on what I earn. I'm not sitting around waiting on someone else to pop their clogs so that I can get money for nothing.

36m??

CAT receipts were 582m in 2021.

Jesus I read that arseways 😂

(I was looking at a table on the CSO website)

Definitely not doing away with it any time soon so 😬

Better off spending 5/6 grand on installing a walk in safe at home for your cash / valuables the way these grim lot are going…

keeping a token 6/7 grand in the bank for appearances… take couple of hundred out, lodge a few hundred in every couple of months for appearances.

keep the bulk of your cash in the home safe….

I’ve seen these safes on line and a business I worked for years ago had one… you’d need military grade explosives to breach them. It was a two person job to close the door. 😶

inheritance tax especially at the rate it’s at… it’s a mafia style scum sucking cash grab….nothing more, whomever thought it up and implemented it should have been jailed..

before I did some research I said.. “ ok, the implementation of that tax was a FG dude , no fûckin doubt “. I wasn’t wrong… Richie Ryan… who I’m reading was characterised and lampooned at the time by Halls Pictorial Weekly as ‘ Richie Ruin ‘ ….

I realise you are not serious and are just edgelording, but when you do things like that you get unintended consequences. Remember, Ireland's inheritance taxes are already the highest in the world, according to one accountancy firm.

France introduced a wealth tax, which was something like 1% of all world wide assets held if you were worth more than €1.3m. So what actually happened was total tax receipts declined because a lot of the rich people left France. Some who couldn't stop working in Paris moved to Belgium and commuted daily. Overall the consequences of the wealth tax were very negative for France, which is why it was abolished.

The famous French actor Gerard Depardieu left France and moved to Russia when they introduced a stupid 75% tax on high incomes:

So if you increased IHT to 100%, a very childish idea, other things would happen, and likely not good for the country in the long run.

You can easily pass on a lot of wealth tax free using the 3k per person per year route if you want to. Then they'll have their 335k limit after you die too.

As posted above, most people whinging are not whinging because of that. They are whinging because they feel they might lose out on their own windfall. It is easy to fix if it is your wealth that you want to hand over, what might be difficult is for you to approach someone else and ask them to hand theirs over to you now.

People are discussing, disagreeing and critiquing... which is all fine and appropriate in a democracy ;)

Not whinging... but continue to post disingenuously

Yes, but they should be honest.

The joys of Trusts in the States...;)

Inheritance Tax is state sponsored theft and double taxation, pure and simple.

I have never received an inheritance nor do I want to. However, as a family we have always worked together. Each child has spent years working with me during holidays to build what we currently have. Yes they were paid and NO they don't want to be part of Dads business. That's fine. However, they have all worked their asses off helping me build/maintain/develop assets that we currently have. If they were to have to pay 33% of the value of those assets after their allowances (euro 335k???) it would mean I would be taxed twice on the earned money it took to get those assets.

Take another scenario, two brothers, never married living together in a house, one dies..... should the other have to pay inheritance tax? It may have been their family home for decades after their parents passed away??

For your second scenario, they pay zero tax under current rules. Even if the house is worth 100 million

For the former, your kids could easily avail of business relief with the proper planning and preparation. Are you taxed twice on business assets? Usually not. You could also have paid your kids an income when they worked for you. (You say you did, but this also reduced your "profit" and your own tax bill). That would have reduced your tax bill. There are people who do this specifically to avoid tax. Especially when they have kids in college etc. They pay their children a "wage" rather than handing over cash to pay for their expenses. Of course, the work is supposed to be done. But in some cases many don't do the work. It can significantly reduce the business owner's tax bill

Basically, it can allow the business owner to give their child money before tax. Whereas the PAYE worker has to give their child money after tax

That already happens............................

The question you would need to ask yourself for the example given is whether you'd have a better standard of living in France, paying more tax, or in Russia, paying less tax. The poster said the actor fella pays 6%. Google says the rate is 13% for such cases. That wouldn't take into account unofficial "taxes" you might encounter in such a jurisdiction either

Or to put it another way, you work hard and pay tax all your life and those taxes are subsidising class of people living tax free off grandads millions