Simon Coveney
Ceist:91 Mr. Coveney asked the Minister for Finance if he has satisfied himself with the tax treatment of families. [25613/02]
Written Answers. - Tax Code.
I am generally satisfied with the tax treatment of families. The tax code treats families more favourably than single persons.
For example, in the case of income tax: with the exception of the PAYE credit, married couples may transfer their credits between spouses; married couples, who may or may not have children, and widowed and lone parents are entitled to higher standard rate bands than single persons; widowed parents with dependent children may receive the widowed parent tax credit in addition to a single personal tax credit and one-parent family tax credit; lone parents may receive the one-parent family tax credit in addition to the single tax credit in recognition of the expenses they may face in raising children single-handedly.
Family members also receive favourable treatment in the capital acquisitions tax, stamp duties and capital gains tax codes. For example, there is no liability to any of these three taxes on transfers between spouses. There is a much higher threshold for capital acquisitions tax in the case of transfers from parents to children as compared to other transfers. There is also a special stamp duty concession for transfers between certain close relatives.