Senator Rónán Mullen, Independent Candidate for Europe, has called on the Government to re-examine the current inheritance tax thresholds which apply to cohabiting elderly siblings on family farms.
Speaking after consultation with representatives of the farming community about some of the difficulties facing elderly farmers in particular, Senator Mullen said.
“It seems unjust to me that where existing farm tax relief doesn’t apply, that retired cohabiting sibling farmers could be faced with prohibitive tax bills on the death of a sibling simply because that brother or sister had the family farm property in his or her name.”
“In the context of the Government’s stated objective to keep family farms viable, the current inheritance tax threshold of just €30,150 between cohabiting siblings is neither realistic nor acceptable nor does it take into consideration the social dynamic that exists in rural Ireland.
“The necessary change could be achieved quickly and simply and I urge the Government to consider this as part of this year’s pre-budget estimates”, Senator Mullen concluded.
Those seeking Inheritance tax information can telephone the Revenue Commissioners on 1890 201 104