Inheritance tax reform would boost value of windfalls
Irish government minister Neale Richmond has suggested that inheritance tax laws need reform to better reflect modern family structures. He proposed moving away from a cumulative lifetime limit toward a system that considers the individual bequeathing the assets.
Why it matters
Tax reform discussions in Ireland impact wealth transfer and property ownership, reflecting broader debates on economic policy and social equity.
Currently, people are permitted to receive tax-free gifts up to €460,000 across all three categories of inheritance tax for their entire lifetime. Any gifts beyond this threshold are taxed at a flat rate of 33%. Picture: iStock
An overhaul of inheritance tax to boost what people can receive is needed because the current model does not reflect modern families, a Government minister has said.
Foreign affairs and trade minister of state Neale Richmond has opened the door to significant reform of the tax, telling the Irish Examiner there is an “appeal” to change rules on the maximum amount that can be received in a person’s lifetime.
Currently, people are permitted to receive tax-free gifts up to €460,000 across all three categories of inheritance tax for their entire lifetime. Any gifts beyond this threshold are taxed at a flat rate of 33%.
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