Government plan could scrap tax for many inheriting family home

Government plan could scrap tax for many inheriting family home

The new Government is planning to cut tax for people who inherit the family home.

If the plan is implemented, those who are left property will not have to pay tax on the first €500,000 of their inheritance.

The recently-published Programme for Government stated “we will work with the Oireachtas to raise the Band A Capital Acquisitions Tax Threshold (including all gifts and inheritances from parents to their children) to €500,000”.

Opposition parties are warning however that the measures contained in the Programme for Government are aspirational and are not costed.

The Government has also been criticised for u-turns on certain policies, such as linking child benefit to school attendance, which was left out of the document.

“I think the reality about this Programme for Government is that it’s a wish-list – it’s almost like everything everybody wants to get done,” said Fianna Fáil TD Thomas Byrne.

“There’s a proposal in there to bring all country lanes into Council control.

“Now that would be a very, very laudable thing to do, and I’d love to do it … but it’s just on example of a lot of proposals that are in the Programme for Government that simply aren’t costed.”

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