Gay Mitchell (Dublin South Central, Fine Gael)
Link to this: Individually | In context

Question 567: To ask the Minister for Finance if the Revenue Commissioners will consider postponing collection of the inheritance tax in the circumstances of a person (details supplied) in Dublin 12; and if he will make a statement on the matter. [2138/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

I am advised by the Revenue Commissioners that under the Capital Acquisitions Tax Consolidation Act 2003 the Revenue Commissioners do not have the power to waive gift or inheritance tax properly due. However Section 59 of that Act does provide for the postponement of tax by the Commissioners where excessive hardship would be involved. Based on the information provided regarding the particular circumstances of the person in question, the Revenue Commissioners are amenable to the grant of a postponement of her liability to inheritance tax on hardship grounds, by way of registration of a charge on the property, provided a completed form IT38 and other supporting documentation required by the Revenue Statement of Practice are received by Revenue within twenty one days.

Bernard Allen (Cork North Central, Fine Gael)
Link to this: Individually | In context

Question 568: To ask the Minister for Finance if the exemption that has been extended to persons over 65 years of age in relation to their liabilities for DIRT will be implemented retrospectively prior to 2003 when it was first introduced. [2144/07]

Brian Cowen (Laois-Offaly, Fianna Fail)
Link to this: Individually | In context

Section 267 of the Taxes Consolidation Act 1997 provides for a repayment of DIRT to elderly or incapacitated individuals who are exempt from income tax. This provision was first introduced in the Finance Act 1986 and has been available since that time. The recent Budget announced a change to the administration of this DIRT exemption so that qualifying individuals may notify their financial institution of their status and receive the interest without deduction of DIRT, instead of having to pay and reclaim the tax. The details of the new arrangements will be contained in the 2007 Finance Bill.