'Somebody should be able to choose who they leave assets to without huge penalties'

The upcoming Budget must take account of the large number of childless people who are unjustly discriminated against with inheritance tax.

That’s according to Aontú’s Letterkenny Rep, Mary T Sweeney who says: “This is an issue that is affecting a huge cohort of people and one which is so blatantly unfair on so many levels. There are almost one million people in Ireland who don’t have children to pass their assets onto, and this is a figure that no doubt will jump over the next few years as the birthrate is steadily declining.

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"For people who don’t have children, the question of who will receive their assets and the fruits of their life’s work is an issue that is of huge importance to them and one which causes much stress and mental anguish in many cases.

"Unless you have children, you simply can’t will your assets to loved ones or other family members without them incurring hefty tax bills, which must be paid within one year. Children can inherit up to €400,000 tax-free, yet nieces and nephews for instance, can just inherit €40,000 tax-free.

"My Colleague, Senator Sarah O’Reilly, has raised this issue in the Seanad, and it is one that we in Aontú are receiving many calls on from constituents right across the country. The majority of people are really exercised by the fact that nieces and nephews who are so loved by them and to whom they want to bequeath their property, or money will have to shell out huge sums in revenue.

"For so many people who don’t have children, their nieces and nephews are especially close to them and have a special connection to them. I just think that for so many people their aunts or uncles may be like parents to them, and it is desperately unfair that they are penalised in this way.

"Many people may have cared for the physical needs of their loved ones too, willingly so, and those loved ones may well wish that they are rewarded for this, and it is so discriminatory that they will be taxed to the hilt.

"Also, loved ones don’t have to be familial; they could be close friends, and frankly, somebody should be able to choose who he or she leaves assets to without those people incurring huge penalties by way of the inheritance tax they have to pay. Not only do they suffer the loss of the person they love, they are also financially at a loss also. I passionately believe that a person’s home should be actually exempt from inheritance tax.

"This is an issue that really needs to be addressed as Ireland’s tax laws are due for a much-needed overhaul, and I really hope the upcoming budget includes some changes to this mean-spirited tax”.