Navigating Ireland’s Most Unfair Tax: 9 Strategies to Minimise Inheritance and Gift Tax
In this episode of the Ask About Wealth podcast, we delve into the complexities of Ireland’s inheritance and gift tax, detailing its history, current rates, and thresholds. We explain why this tax is considered unfair and higher than ever, largely due to thresholds that haven’t kept pace with inflation.
Moreover, we highlight nine legitimate methods to avoid or minimise this tax, including key reliefs such as Dwelling House Relief, Agricultural Relief, and Business Assets Relief. Additionally, we cover Section 72 insurance policies to manage tax liabilities efficiently. Tune in to learn how effective financial planning can significantly reduce your tax burden.
00:00 Introduction to Inheritance and Gift Tax
00:44 History and Current State of the Tax
01:35 Understanding Tax-Free Thresholds and Rates
02:28 Legislation Interference: Succession Act
03:39 The Rising Tax Take and Its Unfairness
04:47 Legitimate Ways to Reduce Tax Liabilities
06:11 Major Reliefs to Lower Tax Liabilities
11:56 Strategies for Gifting Assets
17:42 Importance of Timing in Gifting
21:36 Death Insurance: A Tool for Inheritance Tax
28:14 Conclusion and Final Thoughts
Credit to : Ask About Wealth