New law proposed to close estate tax loophole
Revenue has reservations about tax exemption loophole, which they claim is ‘much abused’
The Department of Finance is poised to introduce legislation to eliminate a loophole in inheritance tax law that is being used by wealthy individuals to legally escape taxes.
The department is investigating the current system with officials from the Revenue Commissioners to determine whether people are abusing the loophole.
The clampdown comes after a surge in the number of transactions involving people gifting houses worth €1 million or more to their children to use a...
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