Wednesday September 30, 2020

Loophole in inheritance tax probed

The Revenue Commissioners are investigating a loophole which is being used by the super-wealthy to slash their children’s tax bills when they inherit family property.

10th June, 2006

The Revenue is believed to be concerned that a measure introduced by former Minister for Finance Charlie McCreevy in the 2000 Finance Act could result in a lower than expected capital acquisitions tax (CAT) take.

The measure, which was contained in section 151 of the act, provided tax relief from gift and inheritance tax on houses transferred to children subject to certain conditions.

It effectively means that children who have held a property for more than six...

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