Friday 17 November 2017

Our inheritance tax laws should be fairer to all kinds of families

The cast of ‘Modern Family’ – it has been argued that plans for inheritance tax being tabled “do not recognise the diversity of modern families” Picture: Disney/ABC
The cast of ‘Modern Family’ – it has been argued that plans for inheritance tax being tabled “do not recognise the diversity of modern families” Picture: Disney/ABC
David Quinn

David Quinn

When my father died last year, his will was split between his four children. Divided evenly among the four of us, the proceeds of his will came in well below the ceiling that would have triggered inheritance tax.

I grew up in a time when four-child families were common. Today, two-child families are the norm. If two children are left a fairly average middle-class house in Dublin, there is an excellent chance they will end up paying a lot in inheritance tax because everything they inherit above €280,000 will be taxed at 33pc.

On Tuesday, this newspaper reported that the Government is planning to raise the €280,000 threshold for children who inherit a parent's estate to at least €320,000. The threshold won't be raised for anyone else.

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