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Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Charlie McConalogue: I thank the Deputies for the response and the contributions to the debate. This is a positive step forward and obviously will affect many ordinary, normal people. The threshold is now increasing for a child inheriting from a parent, from what would have €335,000 to €400,000. There are lots of very ordinary people, whether it be a farm, a home or a dwelling house, where they...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Paul Murphy: A farm is written down by 90%. With agricultural relief you can get up to €3.35 million.

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

(Interruptions)

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Seán Ó Fearghaíl: Will the Deputies let the Minister answer please?

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Charlie McConalogue: -----to be able to do so as well without passing on a burden of tax for the child who is coming after them. Indeed, in several instances, where someone may be inheriting a family home, for example, they may not be in a strong position to be able to pay the type of tax which would be befalling them afterwards and may not be in the position to continue living there either. That can happen...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Question put: "That Financial Resolution No. 3 be agreed to." The Dáil divided: Tá, 89; Níl, 53; Staon, 0. Tellers: Tá, Deputies Hildegarde Naughton and Cormac Devlin; Níl, Deputies Richard Boyd Barrett and Pádraig Mac Lochlainn.

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Tá Cathal Berry, Colm Brophy, James Browne, Richard Bruton, Colm Burke, Peter Burke, Mary Butler, Thomas Byrne, Jackie Cahill, Dara Calleary, Seán Canney, Ciarán Cannon, Jennifer Carroll MacNeill, Michael Collins, Niall Collins, Patrick Costello, Simon Coveney, Michael Creed, Cathal Crowe, Cormac Devlin, Alan Dillon, Stephen Donnelly, Francis Noel Duffy, Bernard Durkan,...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Question declared carried.

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Seán Ó Fearghaíl: Quite a number of Deputies are offering. Most of them are from the Rural Independent Group. They will be followed by Deputy Pringle. I will allow two minutes per Member, which will give us a chance to go back to the Minister.

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Danny Healy-Rae: With the indulgence of the Ceann Comhairle, I want to register my opposition to the €1 tax on the cigarettes.

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Seán Ó Fearghaíl: No, we have dealt with that.

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Danny Healy-Rae: I just want to say that it has to be remembered that 52% of mental health patients and people with mental health issues smoke. I welcome this increase in the limits or caps for inheritance tax. Deputy Paul Murphy complains about farmers or others getting the benefit of this. Going back in time, if you were the son or daughter who inherited a farm, you were considered to be made for...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Michael Collins: We are talking about the inheritance tax here. I welcome the move we have made, but I do not think we have gone far enough. It is not that I believe we should be throwing confetti up in the air in the budget and have everybody grabbing it. However, people paid for these properties. Most likely it is a farm or whatever. They are paying back the bank for this property. They are paying the...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Michael Healy-Rae: The Minister is going in the right direction, but he is not going far enough. If he studies the value of any type of property, be it a farm or any other asset, he will see that it is going up. At the end of the day, we have politicians in here who do not understand anything to do with farming, or with the value of land or any other type of property. They think that because a farm is worth...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Thomas Pringle: I fully oppose this measure because it is wrong. It targets and benefits the people who least need it. I wonder how many farmers in the country will be affected by this. I do not know. I would like to hear from the Minister how many he expects to benefit. I see this tax break benefiting wealthy business people across the whole country. That is who this is aimed at and who it is meant to...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Richard O'Donoghue: While I welcome this increase, it does not go far enough if you take into account the last three or four years of inflation and the cost of properties. Let us take as an example a cottage that somebody has left to a family member. Three or four years ago, before costs increased as a result of inflation, you could not give away a cottage for €25,000 or €30,000. Now they...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Charlie McConalogue: I move: (1) THAT for the purposes of the taxes charged by virtue of the Capital Acquisitions Tax Consolidation Act 2003 (No. 1 of 2003), that Act be amended in the definition of “group threshold” in paragraph 1 of Part 1 of Schedule 2 to that Act - (a) in subparagraph (a), by the substitution of “€400,000” for “€335,000”, (b) in...

Financial Resolution No. 3: Capital Acquisitions Tax (1 Oct 2024)

Paul Murphy: We had a budget that trumpeted the fact it is giving a so-called baby boost to new parents of children of €420. That is it. It will not go very far. Now, before midnight - in effect, from tomorrow morning - we have got a measure which will give a very substantial baby boost to the wealthiest 3% of households worth €21,450. It is one of the great tricks of Fine Gael and...

Financial Resolution No. 2: Value-Added Tax (1 Oct 2024)