If the marginal income tax rate was 30% or lower I’d be fine with that.
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Alan Shatter's campaign to abolish Inheritance Tax
- Thread starter Brendan Burgess
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torblednam
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So everyone should only pay whatever taxes they feel like, according to their personal moral code, is that what you're suggesting?
T McGibney
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The Horseman
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In your scenario you are forcing your view on me I am not forcing mine on you. I am keeping this specifically on the topic of this thread inheritance tax before you take this down a rabbit hole.
If you believe the limits are wrong you don't have to accept them. You can always gift money to the State rather than avail of thresholds.
What you are proposing is removing my choice. I am not removing your choice.
If I have worked for, sacrificed for to accumulate modest wealth to provide me with peace of mind in my old age then I don't agree with being punished for doing so.
Before you say I am not being punished it is the receiptent who is being affected then I disagree as my assets are being taxed and my wishes are not been honoured.
Gordon Gekko
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Eh, stepchildren can avail of the Group A threshold.
T McGibney
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You can say that about any tax. Why should my income which I earned through blood, sweat, and tears incur income taxes and usc ? I worked hard at university and to pass my professional exams and now work hard in work and earn that money so why should it be taxed ?
And once you die your assets are no longer yours. They are now the recipients. And they will be taxed over thresholds. And the law is that your will should be followed and your wishes honoured. What people forget is that the act of gifting to someone can result in a tax being due, so in reality, leaving something other than cash the recipient might need to sell it to pay the tax. If you want your wishes to be that the recipient gets something like a home without it having to be sold, you will need to account for that in your planning to ensure you also leave enough cash or take out a policy to pay the tax due.
And once you die your assets are no longer yours. They are now the recipients. And they will be taxed over thresholds. And the law is that your will should be followed and your wishes honoured. What people forget is that the act of gifting to someone can result in a tax being due, so in reality, leaving something other than cash the recipient might need to sell it to pay the tax. If you want your wishes to be that the recipient gets something like a home without it having to be sold, you will need to account for that in your planning to ensure you also leave enough cash or take out a policy to pay the tax due.
Gordon Gekko
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How does it puncture my argument? There are specific scenarios for adoption, fostering, etc.
T McGibney
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But nothing for uncle/aunt niece/nephew relationships.
We even had to have the nonsense of some lad marrying his uncle to avoid a big tax hit on the latter's death.
Gordon Gekko
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No, nothing, and rightly so.
I can’t comment on what goes on in the border counties late at night.
It says a lot to me Gordon about the type of individual you are when you make a comment like this.
Brendan Burgess
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Illegal to marry your uncle and many types of other relationships like this. I am sure it is within the remit of both Revenue and the GRO to investigate marriages that are not genuine. And with marriage comes responsibility which we often see played out on the forums here.
Legal requirements for marriage
This document describes the legal requirements that you and your partner must fulfil in order to be able to marry each other, and the impediments to marriage.
Man who married best friend for tax reasons dies
An elderly man who married his long-term friend just over two years ago in order to avoid paying inheritance tax has died.
Yes I was thinking of this case. I can't comment in the bona fides of their relationship. But if they were this public I hope it was investigated.Man who married best friend for tax reasons dies
An elderly man who married his long-term friend just over two years ago in order to avoid paying inheritance tax has died.www.rte.ie
But they were legally allowed to marry.
I think that it was discussed at the time here, in other forums and in the media and, as far as I recall, nobody such as Revenue poked their noses into their business.
Edit:
Male friends' wedding to avoid tax bill 'will not be investigated by Revenue'
Revenue will not investigate the case of two straight men marrying each other to avail of a tax exemption when they eventually tie the knot in Tipperary next month.
www.independent.ie
Or they did an assessment and came to the conclusion that the marriage was genuine and the tax exemption stood. Which I would expect to be a private matter between the recipient and Revenue ?
No - I updated my post. Revenue made a public statement on the issue (which surprised me).
Sorry I see that now. Neither agency taking responsibility! So Revenue accept a marriage that had been accepted as valid by the GRO/Gardai. A very edge case as well. And yes very surprised that they made a public statement.
I have a vague recollection of there being subsequent similar cases but maybe I'm mistaken?
And then there are probably some people who do this but don't publicise it.
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