Paul Kehoe
Ceist:260. Deputy Paul Kehoe asked the Minister for Finance if he is considering any changes to the level of inheritance tax; and if he will make a statement on the matter. [53454/22]
Amharc ar fhreagraTuesday, 25 October 2022
Ceisteanna (260)
Freagraí scríofa
There have been many increases to the CAT thresholds in recent years. The Group A threshold was raised from €225,000 to €280,000 in Budget 2016, to €310,000 in 2017, to €320,000 in Budget 2019 with a further rise to €335,000 in Budget 2020.
The Group B threshold rose from €30,150 to €32,500 in Budget 2017 and the Group C threshold rose from €15,075 to €16,250 in Budget 2017.
The deputy will appreciate that there would be a significant cost in making further substantial changes to the Group A, Group B and Group C thresholds. For example, recent Revenue estimates indicate that the cost of increasing the CAT A threshold from its current €335,000 to €400,000 would be €47 million, the estimated cost of increasing the CAT B threshold from its current €32,500 to €35,000 would be €8 million, and the estimated cost of increasing the CAT C threshold from its current €16,250 to €19,000 would be €3 million.
The options available for providing increases to CAT thresholds need to be considered in the context of available resources and must be balanced against competing demands. I have no plans to make changes to the rate of Capital Acquisitions Tax or inheritance tax thresholds at this time.