I don't consider myself particularly left wing, but I was opposed to the way people are allowed give properties worth €40m to their children free of CAT.
Severe curtailment of the broad and unrestrictive application under the current Section 86. Will effectively limit the relief to shared main residences and will prevent an individual simply acquiring a property and allowing another person to reside in the property and effectively pass that property over to that person after 3 years with no inheritance tax.
The clawback provisions under the current Section 86, which do not apply if the person is over 55, will be raised to 65.
Will essentially restrict the exemption to inheritances and not to gifts – save for those gifts to a dependant relative.
The dwelling will have to be occupied by both the disponer and beneficiary at the date of the inheritance save for reasons of infirmity.
Would anyone have the time and knowledge to do a summary of the new rules? I would like to separate that out from the ongoing debate about whether it is a good idea or not.