New law proposed to close estate tax loophole

Revenue has reservations about tax exemption loophole, which they claim is ‘much abused’

Ian Kehoe - avatar

Ian Kehoe

19th June, 2016
The Department of Finance will introduce new legislation Pic: RollingNews.ie

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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