Discussion in 'Budget 2017' started by Brendan Burgess, Oct 11, 2016.
Category A - increased by 30k to 310k
B and C by 8%
Still pretty low threshold. We pay one of the highest levels of inheritance tax in the world.
When does the new threshold kick in?
Which is good, as by and large inheritance is merely a matter of circumstance.
€310k plus an unlimited value for a house that you have lived in for 3 years, not high at all!!!
Watch this space Joe...Finance Bill
If there is a house to live in. In most circumstances, that means you are a grown adult still living with your parents, so the house only applies to a few.
I think it's safe to say most people have families of their own by the time of inheritance.
A common misconception, you do not have to live with your parents. If the parent gives the child cash over €310k its taxable, if the parent converts the cash into a house and allows the child to live in it for 3 years and gifts it then it's exempt (with a 6 year occupation or reinvestment requirement).
But that's about to change by all accounts.
I am aware of that Joe. That is why I said "in most circumstances"
I missed one point or did not understand it properly.
Did the minister say that that the aggregate lifetime limits would increase or is that implied in the increase of the categories anyway ?
Put another way, what is the current law on aggregate limits for capital tax purposes ?
I've taken a quick glance through the finance bill and didn't notice any mention about changes to the dwelling house relief. Does anyone know for sure if this is the case ?
http://www.finance.gov.ie/sites/default/files/161020 Finance Bill 2016.pdf
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