Vol. 468 No. 2
63 Mr. N. Ahern asked the Minister for Finance the thresholds which apply to inheritance tax from an aunt to her niece; if the thresholds are different for the family home or other assets; and whether any credit is given to someone who has acted as an unregistered carer and who has lived in the house for 46 years. [14843/96]
I am informed by the Revenue Commissioners that where a niece of the disponer i.e. a child of a brother or sister of the disponer has worked substantially on a full-time basis in the trade, business or profession of the disponer during the five year period immediately prior to the date of the disposition, which is usually the date of death, an inheritance of property used in connection with that trade, business or profession will attract the current inheritance tax threshold of £182,550. In the case of all other assets the appropriate threshold for an inheritance taken by a niece is £24,340.
No credit is given to a successor who has acted as an unregistered carer and who has lived in the house for 46 years in the absence of a legal claim for compensation for services rendered.
The Revenue Commissioners have also advised that there are hardship provisions under the capital acquisitions tax code which allow for postponement of the tax until the property is sold or passed on to the next generation. Hardship cases are viewed on their individual merits in the light of all the circumstances of the successor.
