Liveline: Thread with no name, Host with no shame

Yes, I don’t get why an asset already having tax legitimately paid on it by its owner should attract further tax when it’s transferred on to another party via inheritance. The concept of “contribution” is stupid and j don’t get the views of some here. There are many forms of contribution, not all off them monetary. A person leaving property to an individual isn’t doing it to some randomer. It’s a family member or friend who is important to the owner in some way and has contributed to the owners life.

Having inherited a property, I might want to renovate. I pay tax. I might want to sell, I pay tax on the profits then or I want to rent, I also pay tax on that. I’m even penalised now if I leave the property vacant. So basically I attract tax anyway but just for fun and giggles, let’s throw on a 33% charge on the notional value of the property just because we can.

Most wealth is tied up in property which increases in value. I'd be in favour of a wealth tax rather than more tax on labour, and inheritance tax is a fair way to keep societal harmony.

I'm watching the tonight virgin media show, the housing minister is on, Oliver made some comments about him being upset about not getting a promotion

Content for the next 2 weeks of Live Line

https://m.independent.ie/irish-news/courts/spiritans-sued-by-58-people-for-alleged-child-sexual-abuse-in-schools-as-cases-surge-following-documentary/a735314485.html

Yes, With a substantial property I’m sure there are options there. I know farms are protected. I happen to agree with that. From what I can see the “Inheritance Tax” scheme is nothing more than a way to force the average person to liquify assets so the government can get their cut. Once liquified the money left post tax attracts additional tax either through sitting in an account or purchase of a new property or investment. I see this as being “wrong”.

It could be that inheriting a decent property in an established area from a parent without tax implications allows a family to upscale their property in line with their grosing family and allows them to pay back a loan for renovations rather than a mortgage for a new purchase. This seems like a better outcome to me. If they have an existing property it may either end up on the market or in rental. That outcome will attract its own tax. Arguments along the lines of “property tax prevents property being accumulated by a small number at the top of the tree” are BS in modern society. I don’t doubt it made sense in the 19th and even into the 20th century but in modern society I don’t see people likely to hoard property within families. In fact, given the heated market, we should allow families upscale if a parents property is a better fit. It will then free up their old property for occupancy, either through rental or sale. Right now, if they inherit the parental home, they either spend a substantial lump to pay inheritance tax, or sell, paying the tax and leaving them running around looking for a new similar property in a good area. They then incur extra costs through conveyance fees etc. Having paid the inheritance tax, they also pay stamp duty on a new purchase. How this is not seen as a government scam is beyond me.

there are ways of minimising or avoiding inheritance tax.

Of course the obvious is

not sure if siblings or close relatives can marry for this purpose 🤔

JOE

Bust Budget, family home inheritance from yesterday. Inheritance Brats

Tánauste sez no change

Amazon, porch pirates following vans and thieving.

Something about little business have to close.

those hands never did a day's manual labour

Today in Studio S7.1:

• Command Chair: Joe. He will be "with us all Summer" back from de well earned holidays.
• Guest Chairs: Empty.

Possible Topics:

• Joe is a great lad altogether.
• Stuff de Researchers found on social media.
• DEATH Tax: Inheritance tax is too high at 33%, when compaired to odder countries. Joe is Tax Planning for de 3 Twins. Should be done away with. More from Yesterday.
• Amazon Prime: Porch Pirates and same day delivers, put de small lad out of business.
• Wexford 'Fla': Ordinary business have to close down for it. Only Hotels benefit

Banned Topics:

• Wolfe Tone vs Montrose
• State of Hospitals
• De Unwell
• De Undocumented
• RVM Machine Tax
• Inflation
• Lack of Doctors
• Lack of Dentists
• Lack of Gaffs
• Lack of punishment for Crime

Brazen inheritance brats

You know there is only one favourite, de daughter. She is a teacher, so will never be able to afford a house on her own. The lads both wurk for big businesses, so are grand!

well to be fair it’s good they didn’t go down the nepo route and get well wedged behind the scenes in RTE. You have to hand it to them the making they own way

So Biden is dead man walking.. whoy are we not discussing this?

"a menial job"?

Joe we got talking about poison pen letters because you kept bringing it up.