12th September 2022
Any recommendation to reduce the tax-free threshold of €335,000 on inheritance tax from the Commission on Taxation and Welfare must be opposed by Government, Fine Gael Minister Josepha Madigan has said.
The Dublin Rathdown TD said “Any reduction in the tax-free threshold for inheritance tax would amount to an attack on a lifetime of hard work and a disincentive to planning for our future.
“A lot of people work very hard to set aside money each week that may one day help their children to put down a deposit on a house or provide a financial cushion for their grandchildren.
“Measures aimed at reducing the amount that can be passed to our children and grandchildren would act as a penalty to the years of appropriate financial planning that we should be encouraging.
“In this budget, we need to look at measures that put money back into people’s pocket instead of taking it away.
“Ireland has benefited hugely from a progressive and redistributive taxation system, and any move to increase the taxable amount on inheritance would be penalising prudent financial decision making of those who have recently passed away.
“The taxation of wealth is an important part of an equitable taxation system. It ensures that wealth in this country is not centralised in the hands of a few. Equally, the decision to provide our children with some financial support when we pass should not be demonised.