Irish people pay inheritance tax on assets worth €1.4bn in 2017
Here in Ireland we have one of the highest death taxes in the world – and this tax is crippling families across the country. It can and has forced some people to sell their family homes or take out mortgages so they can clear the enormous bills they were hit with after inheriting property or other assets – these are simply the facts.
New figures confirm that inheritance and gifts worth some €1.4 billion were subject to inheritance tax last year. Rising property prices in particular are fueling this 33% jump by €144m on the previous year.
So, what can you do to prepare for such a liability & benefit your family directly?
Inheritance tax on any assets you leave to your loved ones can be reduced or avoided depending on the actions you take in advance of a death.
Protection products are available in the Irish market and Campion Insurance can help you assess your potential liability and source a solution based on the best product offering across the entire market – it’s a simple process and our qualified advisors can take you step by step in a confidential straight forward manner.
This is simply how it works:
- As part of a life insurance policy, you can provide the necessary funds to meet the inheritance tax bills on your death following a simple review and calculation of liability
- Inheritance tax is a tax payable on all assets, including property that people receive from you when you die. The tax is payable on the full market value of the assets, less any tax free thresholds and allowances – current property price trends are driving the liability skyward
- The policy pays out in one lump sum and becomes available immediately to address the tax liability.
Here in Campions we can arrange this cover easily as part of a Life Insurance policy (Section 72). A Section 72 policy is a life assurance policy, set up under trust for your beneficiaries. It is designed to pay them sufficient money, on death, to meet the Inheritance tax that will then arise – it’s that simple.
Simply talk to us:
Contact us today and minimise the potential future effects of inheritance tax on your loved ones.
Ring 1890 300 303 or email us on firstname.lastname@example.org where one of our qualified tax inheritance advisors will be happy to talk to you.