Children’s thresholdIrish families can leave up to €335,000 to each of their children before those children face any tax bill. Twenty-four of the 37 OECD countries have an inheritance tax, with a further nine having abolished them in recent decades. In Ireland, inheritance tax accounts for a greater share of overall tax revenue than in most other OECD states but it still accounts for a fraction of 1 per cent of the overall annual exchequer tax take. RecommendationsIreland meets several of the criteria that the report suggests for reform of inheritance tax to make it more equitable. “Inheritance taxation is not a silver bullet, however,” said Pascal Saint-Amans, director of the OECD centre for tax policy and administration.

Source: The Irish Times May 11, 2021 12:05 UTC