FF councillor calls for reform of inheritance tax

FF councillor calls for reform of inheritance tax

There are calls for the inheritance tax to be reformed.

Currently, a child who inherits from their parents must pay a 33% charge on anything above the threshold of €225,000.

The surge in property prices in Dublin is reportedly leaving many bereaved adult children at risk of losing their family homes because they cannot pay the tax.

Fianna Fáil Councillor and legal adviser Jim O'Callaghan believes the threshold to be raised.

"What I'm calling for is that the threshold should return to the level it was at in 2000 – at that stage, it was a threshold of €381,000," he said.

"Now, we're dealing with a figure of €225,000, which is the same as it was in 1995. I don't think it's fair that you have this arbitrary rise in the amount of tax you have to pay based upon the increase in the values of properties."


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