I find this quite an exaggeration that 1 in 10 inherited their home. I could be wrong.
On the other hand, I do think that the amount that you can gift a child should go back to 542k as in 2009 if house prices are so high.
https://www.independent.ie/business/irish/nearly-1-in-10-inherited-or-got-a-gift-of-their-home-42218767.html
Hard to argue against CSO data on a hunch.
I agree on limits/rate.
Especially hard on single inheritors in high value areas.
Single inheritors can sell, pay a relatively small bit of tax, and relocate to a less affluent area, all for zero cost to them.
Not hard on them at all.
Tis hard versus not paying tax and staying put.
Tis also hard giving up a generational family home so the government can have their cut. Its not always about money too some people.
Just take out a very small mortgage, probably about 10% of the house value, and stay put.
Happy days. And a big lack of hardship.
I take it you are not affected by this issue but I'm sure those who are will be grateful for your advice.
Is there an issue?
What if you have no income?
Paying out money is always an issue in my book.
there was a long thread on inheritance tax which died down a week or two ago - a lot of similar issues hashed out in that.
You want to get everything for nothing?
Then sell the house and carry on with a nice wedge of cash in your back pocket.
Yes I posted in that too.
A lot of unresolved matters as I recall.
Pretty much adds up to a lot of folk happy to get their paws on other people's money.
interesting that the headline chosen was 'nearly one in ten' when they could have said 'nearly one in twelve' and it'd have been more accurate.
Deserted women allowance used to be a thing, not sure if it exist still.
Whose side are you on?
I'd nearly rather inheritance tax than that manifesto.
quite clearly his own and no-one else's.
Kinda like a person getting their paws on their deceased parent's money (preferably tax free, of course)?
Erm, the parent is giving the money to the child willingly, the same is not true for the state.
Exactly, cut's both ways.
Pick your side.
I already have, never paid a penny inheritance tax and have arranged that whatever is left after me will go unencumbered to who I decide.
Inheritance tax just seems like a nanny state interfering in the private affairs of families.
Feels like the government trying to get a payout on the death of a family member.
It is not 1 in 10 people.
It is 8% of households that inherited a house.
Yes, Ireland has probably the highest inheritance tax in the world, so it's at an unreasonable rate.
TAOISEACH Leo Varadkar has said that inheritance tax on average priced homes should be abolished.
Not everything but anything I can get legally I'll have a piece of.
this is the main issue for me; the property system is dysfunctional here, and property is overvalued; in the last 14 years we've seen property more than halve in value in the space of about the first 4 years, then recover pretty much what it lost.
based on the current limits on the tax, people are having to pay tax on property whose value should not cross the threshhold, but does.
If one is living in the home at the time, then they pay no tax as its their PPR.
I am really surprised it's as many as 8% living in an inherited home.
I would imagine for the overwhelming majority of people, by the time it comes to inherit a home due to the death of both parents people are already well settled into their own homes.
It could be the family home where the child either never moves out or moves back in to care for an elderly mother/father.
I know of many such instances like this, especially in rural Ireland.
Well this is a nonsense comment, What about someone born and raised in Smithfield or the Liberties, these areas aren’t black rock or Dalkey and are traditionally working class areas but now I suppose they’d be considered High Value, someone who’s parents worked in Woking class jobs all their lives, now they have to sell what they inherit and move where, Meath?
