Indo - "State takes in record €1bn inheritance tax as Taoiseach Micheál Martin pledges reform"

[Premos]

400k is not a lot to inherit these days, based on average house prices, and a 2 child family

The median house price is about €390000.
The current beneficiaries probably come from bigger families (the average was just under 4 children in the 60s and 70s).

 

[BlackandBlue]

Only 3% of people pay inheritance tax...where does this figure come from?

CSO and Revenue I would suspect.

It's got to be a higher number than this.

Unlikely.

Think of the average 50/60 year old today who's parents are now moving on to the great retirement home in the sky.

Typically they would have 3 siblings

In this scenario the parents would need an estate of 1.6 million plus to trigger a liability.

This coterie are the ones with 2 kids and 1 (on average) unmarried sibling with no heirs.

Their kids will on average be the families with 1 or more typically no children.


Bear in mind the average poster on askaboutmoney is not from the lower socioeconomic groups.

 

[murphaph1]

I suspect quite a few people are "living" in the family home too and take advantage of that exemption illegally. Ireland has no registration of abode so it's very difficult to prove where a person actually lives. Keep the home place for post from Revenue etc. and Bob's your uncle.