Joan Collins (Dublin South Central, Independent) | Oireachtas source

I welcome that and I will do so. I have often raised issues in regard to Bills and they are never taken on board. I wanted to raise this in the Chamber with the Taoiseach to ensure that it is dealt with. The Minister for Finance, Deputy Noonan, admitted recently that the tax provision was being exploited by wealthy people. Tax experts say well-heeled people are now gifting houses worth €1 million or more to their children and using the inheritance tax exemption to avoid tax. As well as avoiding tax, many of those exploiting the dwelling house exemption are renting out their properties, which breaks the rules attaching to the relief. This information comes from Susan Murphy of Make My Will Solicitors who says the last few years have seen a large increase in the number of section 86 claims. Last year, approximately 741 people claimed the exemption, which number was up from almost 500 in 2012. They are blatantly abusing this tax scheme. I ask the Government side to ensure that any amendment I put down is supported and to support my position in relation to evasion by wealthy companies in respect of moneys owed to the State.

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