A new survey has revealed that 83 per cent of respondents believe the family home should not be subject to inheritance tax, reports Breaking News.
The poll, conducted by Royal London Ireland—a provider of life insurance and pension services—surveyed 1,000 adults nationwide.
Results showed that 58 per cent are firmly in favour of excluding the family home from inheritance tax limits, reports Breaking News.
Only five per cent of those surveyed are strongly against the idea of removing the family home from inheritance tax brackets.
Currently, the inheritance tax rate stands at 33 per cent, though children can inherit assets—including property—worth up to €400,000 without incurring tax, reports Breaking News.
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Speaking on Newstalk, Economics professor Barra Roantree said the existing threshold is sufficient:
“On average, people who inherit something get €100,000. So the threshold to start receiving tax is four times what the average amount received is. So very few people pay it. The idea that we would increase at a time when we’re being told that there’s going to be no space for personal income tax cuts in the next budget, and that at a time when our tax base is increasing relying on the corporation tax, the idea that we would erode further revenues from inheritance tax, capital acquisitions tax would be unwise,” reports Breaking News.
The budget is set to be announced next Tuesday, with speculation that inheritance tax changes may be included.
Joe Charles of Royal London Ireland said: “The appetite for change is clear. For most families, a house isn’t just an asset, it’s where they have grown up and where they may continue to visit. Additionally, it’s security for the next generation. It’s clear from these research findings that many people believe the current inheritance tax system risks putting that in jeopardy,” reports Breaking News.
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