Dáil Éireann Debate, Thursday - 13 July 2017
130. Deputy Michael McGrath asked the Minister for Finance if he has considered the introduction of an inheritance tax relief for inheritances to charitable and philanthropic organisations; the estimated cost of such a scheme; and if he will make a statement on the matter. [33765/17]
View answerI am informed by Revenue that a gift or an inheritance which is taken for public or charitable purposes is exempt from both gift tax and inheritance tax and is not taken into account when computing tax to the extent that Revenue is satisfied that it has been, or will be, applied for purposes which in accordance with the laws of the State are public or charitable.
As an exemption along the lines suggested by the Deputy is already provided for in section 76 of the Capital Acquisitions Tax Consolidation Act 2003, I do not see any need to consider the introduction of any further such relief.
