Dáil Éireann díospóireacht -
Thursday, 14 Dec 2000

Vol. 528 No. 3

Written Answers. - Tax Code.

John McGuinness

Ceist:

110 Mr. McGuinness asked the Minister for Finance if he will review the tax clause allowing property to pass from the owner to a person living with the owner for three years without that person being subject to stamp duty; and if he will make the clause more liberal and include family members who care for their parents but do not live in the home. [30126/00]

Minister for Finance (Mr. McCreevy)

It is assumed that the Deputy meant to refer to capital acquisitions tax, and not stamp duty, in his question.

The general conditions applying to family home relief from CAT on the transfer of the family home are: the home must be the principal private residence of the disponer and-or the beneficiary; the beneficiary must have resided in the house for a minimum period of three years prior to the gift or inheritance; the beneficiary must not have an interest in any other house; and the beneficiary must continue to occupy the house and not dispose of it for six years after the gift or inheritance.

These measures, announced in last year's budget, apply to gifts or inheritances taken on or after 1 December 1999.

I have no plans to change the requirement that the beneficiary must have resided in the house as stipulated in order to benefit from the relief from CAT.