The Fianna Fáil leader also tempered expectations by warning that Finance Minister Jack Chambers will not have much “room for manoeuvre” when it comes to the tax package that will be unveiled on October 1
Tánaiste Micheál Martin has said reform of inheritance tax is “on the agenda” for Budget 2025 but ruled out the prospect of abolishing it on family homes.
Inheritance tax, or Capital Acquisitions Tax, is charged at 33 per cent on gifts or inheritances. Children who inherit assets pay the tax on goods over €335,000, with the threshold dropping dramatically to €32,500 for other family members.READ MORE: Micheál Martin was not aware of plot to kill Leo Varadkar but knew of 'threats' and 'warnings'
Mr Martin said that the “priority” will be on reducing income taxation and there is “not a whole lot left”. Mr Martin would not state whether there would be an increase in the threshold for inheritance tax but stated that there was “possible reform on the agenda”. Elsewhere, the Tánaiste did not confirm if a decision on the future funding of RTÉ would be made next week, saying that it would be done by the end of July.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Budget 2025: 'No giveaway budget' but one-off measures still under considerationBudget 2025 will consist of an overall package of at least €8.3 billion, Finance Minister Jack Chambers and Public Expenditure Minister Paschal Donohoe have confirmed
Read more »
Full list of people who may be eligible for double payment in Budget 2025The Budget isn't being rolled out until the 1st of October but ministers are already beginning to deliberate on what they hope to deliver for 2025's budget measures
Read more »
Latest on Cost of Living hikes for workers and welfare recipients in Budget 2025Finance Minister Jack Chambers has hinted that Budget 2025 could include tax breaks for income earners and increases in social welfare payments. It will officially be unveiled on October 1.
Read more »
Two money hikes confirmed for workers and welfare recipients in Budget 2025Summer might not be over yet and there are still many months before the announcement of Budget 2025, however, the new Minister for Finance has already confirmed some measures
Read more »
Finance Minister gives update on cost of living measures for Budget 2025The Budget won't be for another couple of months with Finance Minister Jack Chambers confirming 1st of October as the announcement date - but measures are already being discussed
Read more »
Summer Economic Statement to outline size of Budget 2025The Government will outline the size of the financial package for October's budget, when it publishes the Summer Economic Statement.
Read more »