There was some welcome news for those who will receive inheritance in the future as the Government have revealed that they are planning to cut tax for people who inherit the family home.
It is understood the new proposal is included in the governments newly published programme released earlier this week. Sources say the new legislation will see bereaved family members not being forced to pay tax on the first €500,000 of their inheritance.
Meanwhile a Government spokesperson said: “We will work with the Oireachtas to raise the Band A Capital Acquisitions Tax Threshold (including all gifts and inheritances from parents to their children) to €500,000”.
However the new proposal has recieved strong criticism from opposition parties who say the new measures contained in the Programme for Government are aspirational and are not costed.