Almost 1 in 10 inherited their house or received it as a gift

Nearly one in 10 households has inherited their primary residence and 15 percent have received some form of property as a gift, according to a new Intergenerational Wealth study.

Central Statistics Office (CSO) data shows that by 2020, 21 percent of households had received a significant amount of cash as a gift or inheritance from family members.

Eight percent of households said their primary residence was family-provided, and 7 percent received property other than their primary residence.

The data shows that 7 percent of households received land – in many cases likely land for a home, and a smaller number reported inheritance of vehicles, financial assets or other valuables.

The data do not indicate the overall proportion of households that received gifts or inheritances, and in some cases it is likely that the same wealthy households received inheritances under multiple headings.

Higher taxation of such income has been on the political agenda, although no major steps have been taken in recent years. In 2021, the government was on the verge of changing the tax treatment of family loans that can be used to maximize tax-free inheritance thresholds, but the state-appointed Tax Commission has this year recommended a significant reduction in the amount of money parents can leave their children tax-free . Without giving a number, it said the current tax-free rate would be reduced over several years.

Under Capital Acquisitions Tax (CAT) rules, a child can inherit €335,000 from their parents before paying 33 percent tax.
In 2009, a child could inherit or be gifted €542,544 from their parents before having to pay taxes, the current tax rate being 22 percent.

https://www.independent.ie/business/irish/nearly-1-in-10-inherited-or-got-a-gift-of-their-home-42218767.html Almost 1 in 10 inherited their house or received it as a gift

Fry Electronics Team

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