Fine Gael will shield family homes, farms and businesses – Richmond

Fine Gael will defend family assets from unfair tax liabilities through changes to inheritance tax, a Fine Gael Minister has said.

Adjustments to inheritance tax put forward by Fine Gael will put thresholds to €500,000 for children, €75,000 for siblings, and €50,000 for other relatives, and mitigate the financial burdens placed on the squeezed middle.

Minister Neale Richmond, Fine Gael General Election Candidate for Dublin Rathdown, said: “Our tax system is the backbone of our economic success, but it has to evolve with the times. Right now, inheritance tax is putting unnecessary pressure on the squeezed middle across the country, and Fine Gael is committing to fixing that in the next Government.

“Fine Gael will ensure that Irish families can retain the family home, continue small family businesses, and pass down farms from one generation without the risk of being priced out by tax

“We in Fine Gael believe in rewarding hard work. That includes allowing parents to leave a legacy to their children without being unfairly penalised. We are breaking down the barriers that people currently face when it comes to keeping their family home or keeping the doors of a family business open.

“Fairness and the preservation of the pillars of our community—family businesses, farms, and homes – remain at the heart of our approach to tax. 

“Fine Gael will also review the inheritance tax application when the deceased has no children.

“To be clear, those who inherit significant wealth will still pay their fair share but by increasing inheritance tax thresholds, we’re delivering a fair system while recognising the value of hard work, and giving families the opportunity to hold onto what they’ve earned and built over a lifetime.

“The current thresholds haven’t kept up with the price of these assets and families are getting tangled up in a tax net that was never intended for them. We are deeply committed to changing that. It ensures those who’ve spent their lives working hard can pass on their assets without worrying about losing their legacy to a tax bill.

“Whether it’s the family home, a small business, or a farm— Fine Gael is listening to people on the doors and is serious about securing a future where families can grow, where hard work is rewarded, and where the next generation can flourish without being unfairly penalised.”