Tax – Dwelling House Relief Exemption Reform under Finance Bill

In yesterday’s Irish Times Dominic Coyle discussed the new rules under the Finance Bill which will make it more difficult for parents to gift property to their children. Previously the dwelling house exemption allowed for a person to be gifted ownership of the property without liability to inheritance tax. Due to perceived abuse of the rule, the exemption will now only apply to people inheriting homes with one exception: gifting is possible for relatives where they are permanently or totally incapacitated from providing for themselves by virtue of a physical or mental infirmity, or else they are older than 65.A full copy of the article is available to view at this link http://www.irishtimes.com/business/personal-finance/new-rules-make-it-harder-for-parents-to-gift-property-to-their-children-1.2930760