Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

In fact, we take the same view on that. The Minister believes also that capital acquisitions tax is a feature of the tax code, which means inheritances passed to children should be taxed. The only difference between us is that the Minister believes a larger portion of that should be tax free. The Minister should not try to suggest that he argues for a right of parents who work hard to transfer their wealth to their children without the State taking a share of it. As Minister for Finance, Deputy Donohoe takes a different view for some of the wealth that is transferred. For example, €680,000 of a €1 million transfer will be taxed at 33%. The Minister supports that and writes the legislation on it. The question here is what proportion of wealth we should allow to transfer because we both agree that it should not be unlimited. What proportion of wealth should we allow to transfer between a parent and child without any tax applying? I do not want to get into a big debate on this. I have made my point. I will hear the Minister's response but leave it at that.