[Article] Raise CAT thresholds, urges PwC

Victor

Oh, I feel so sorry for all those people with €500,000 houses.

http://www.rte.ie/business/2005/1003/pwc.html

Raise CAT thresholds, urges PwC

October 03, 2005 13:13

Consulting group PricewaterhouseCoopers has called on the Government to increase the thresholds for Capital Acquisitions Tax.

Tax director Tim O'Rahilly said that since the introduction of CAT in 1976, increases in the tax free thresholds had failed to keep pace with the rising level of wealth in the country.

'When the tax was introduced a person could transfer the equivalent of 13 times the price of an average Dublin house to each of their children without breaching the tax free threshold. This year the child tax free threshold barely rises above the average Irish house price,' he said.

Mr O'Rahilly said gift and inheritance tax now concerned almost everybody, particularly those who had made gains from the property boom.

OfflerCrocGod

I love the way they don't even attempt to give a reason; arrogant little feckers!