These are some of the highlights from an article on 8 June 2015 on inheritance tax, headlining in the Irish Independent, Monday 8th June 2015.
“Experts say the system is one of the toughest inheritance tax regimes in the world. The reduction in the tax-free thresholds has resulted in even modest properties being hit with big tax bills when transferred from parents to offspring”.
Leaving assets to children through a Will, can often trigger a liability to Capital Acquisitions Tax (CAT). In recent years, the CAT thresholds between parents and children have decreased dramatically and the tax rate has increased to 33%. This means more and more people have been dragged into the inheritance tax net, probably being unaware of it.