An interesting article appeared in the most recent Sunday Independent, which pointed out that Ireland now has one of the harshest inheritance and gift tax regimes in the developed world. The tax free thresholds ( what beneficiaries can get into their hands tax-free) have been set ridiculously low, which means even children receiving benefits from their parents find it easy to end up in the tax net.
In addition, the rate of tax has increased since our economic crash to a record high of 33%. Like the cartoons, I can see the dollar signs in the Revenue officials eyes rolling with delight.
Charlie Weston, the journalist, makes a good case for easing the burden and calls for changes to be made in the next budget.
