http://m.independent.ie/opinion/col...es-hard-and-needs-a-big-shakeup-31266775.html
I think that this is a very poor article.
There is a relief from CAT in certain circumstances where the donee has resided in the property for 3 years and retains it for 6 and does not own another property the gift is exempt.
I actually think there needs to be reform of the Capital Taxes but where workers are paying 51% income tax over €33,800, why should others receive gifts tax free.
Before anyone starts "but it's been taxed already" that is not always the case.
I think that this is a very poor article.
Take someone who inherits a property from an aunt, where a €30,150 threshold applies. The property is valued at €200,000. This will trigger a tax bill of around €56,000.
There is a relief from CAT in certain circumstances where the donee has resided in the property for 3 years and retains it for 6 and does not own another property the gift is exempt.
I actually think there needs to be reform of the Capital Taxes but where workers are paying 51% income tax over €33,800, why should others receive gifts tax free.
Before anyone starts "but it's been taxed already" that is not always the case.