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

Where was the shopping centre wall please? Councils don’t generally build walls around private developments.

The wall was adjacent, between the shopping centre and main road, not encircling it, and it extended far beyond. Then they came and tore down the bit between the shopping centre and road a few years later. Nenagh.

I don't understand your question.

RWT is not a fixed rate, it's based on your income and marginal tax rate and I have nothing against that. Dirt is a fixed rate and has been 41% for everyone, irrespective of income and marginal tax rate. Now it's 33%, but this committee is recommending it be increased again. The NZ RWT has the same effect as how Australia does it, which is the way it should be done - you declare your interest as income in your tax return and then it gets taxed at your marginal rate. RWT has the same effect, but it's doing it the hard way.

https://www.revenue.ie/en/gains-gifts-and-inheritance/cat-reliefs/agricultural-relief/index.aspx

Overview

If you receive a gift or an inheritance of agricultural property, you may qualify for Agricultural Relief. This relief reduces the taxable value of the property, including land, by 90%. The relief is subject to certain conditions.

If the agricultural property comprised in your gift or inheritance does not qualify for Agricultural Relief, it may qualify for Business Relief.

What are the conditions for Agricultural Relief?

To qualify for Agricultural Relief as a farmer, the value of your agricultural property must consist of at least 80% of your total property value on the valuation date. This is called the ‘Farmer Test’. This does not apply where agricultural property consists only of trees and underwood. 

For gifts and inheritances taken after 1 January 2015, where the valuation date is also on or after 1 January 2015 you must:

• farm the agricultural property on a commercial basis for at least six years from that date
• or
• lease the property to someone who farms the agricultural property on a commercial basis for at least six years from that date.

The above requirements are known as the 'Active Farmer Test'.

Additionally, the person receiving the gift or inheritance, or the person leasing the property must either:

• have an agricultural qualification (as listed in Schedule 2, 2A or 2B of the Stamp Duties Consolidation Act 1999)
• or
• farm the agricultural property for at least 50% of his or her normal working hours.
• Mary owns a house (valued at €80,000) with a mortgage (€20,000), a car (€5,000), and a bank deposit account (€2,000). Her house is not a farmhouse. She receives a gift of farmland (€300,000), plus livestock and farm machinery (€50,000). Is Mary a 'farmer' for the purpose of Agricultural Relief?Example of Agricultural ReliefAssetAgricultural PropertyAll PropertyHouse €60,000Car €5,000Bank Deposit €2,000Farmland€300,000€300,000Livestock & Machinery€50,000€50,000Total€350,000€417,000The gross market value of Mary's assets after receiving the gift is €417,000; the gross market value of her agricultural assets is €350,000. (€350,000/€417,000) x 100 = 83.9%.Therefore Mary is a 'farmer' for the purposes of the Relief.

Theyll come a time it wont be worth working here. Everyone should down tools and tell them to politely go **** themselves.

They are dying to give Apple back their 13bn but ordinary people need to pay more every year to live in the house they already paid for

Annual property taxes are the most sensible taxes.

Practically all modern societies have an annual property tax.

It is typically a local tax.

People who believe there should be "taxation of accumulated wealth" and that such a thing is "progressive", annoy me.

It's an attitude that the state should be able to just take money from individuals - it's never leveled at companies like Apple, or Google - whenever it feels like. The accumulation part of this wealth you so casually talk of is already taxed comprehensively. Why should property be taxed because it's accumulated wealth, any more than an accumulation of wealth in a bank account, in a share investment portfolio or a vintage car collection, an art collection a pile of gold ingots, or wads of cash under a matress?

When accumulated wealth gains in value, it is already taxed at 33% at the appropriate moment via CGT. Some people save all their lives for a pension to see them through their retirement years - this is based on accumulating wealth, lets tax that and let the old folk mind their pennies in retirement for being so foolish as to accumulate wealth.

Accumulated wealth should not be taxed when there are so many other taxes - including the existing CGT of 33%, it's the very definition of double taxation. France has tried it and it resulted in a considerable net reduction in tax collected and harmed the economy in general.

This tax wealth moral absudity reminds me of the GFC and talk of 'haircuts' of bank deposits, as was done in Cyprus .

Go on all you socialist 'progressive' tax lovers, tax wealth and reap the 'benefits', just like France did:

Capital flight since the ISF wealth tax’s creation in 1988 amounts to ca. €200 billion; The ISF causes an annual fiscal shortfall of €7 billion, or about twice what it yields; The ISF wealth tax has probably reduced GDP growth by 0.2% per annum, or around 3.5 billion (roughly the same as it yields); In an open world, the ISF wealth tax impoverishes France, shifting the tax burden from wealthy taxpayers leaving the country onto other taxpayers.

Really progressive, that.

Irish society views financial prudence and success as inherently immoral - it's nothing less than a collective mental illness.