Seanad debates

Wednesday, 10 December 2014

Finance Bill 2014: Committee Stage (Resumed)

 

1:50 pm

Photo of Fidelma Healy EamesFidelma Healy Eames (Fine Gael) | Oireachtas source

The fact that the wording stipulates "under 25 years and in full-time education" is too restrictive. If the expression was "under 25 years or in full-time education" it would give a little more room. Let us build on Senator Quinn's point. Not everyone is ready for college after they complete the leaving certificate. Some wait until they are mature students and some have a ten-year turnaround. In such cases it may be difficult to give a gift. The property or home that a parent may give a child as a gift could suddenly be worth well above €225,000 due to the market. An adult child in full-time education might have to take out a loan to pay the tax. It is ridiculous. I am calling for one provision or the other but not both. I am unsure whether I like the measure anyway, but I could see some room for it if it provided for an adult child under 25 years or in full-time education. We are making numerous assumptions in this case, including that the majority of people are sorted by the time they are 25 years of age. The facts suggest that this is not the case any more. The 18 year old of my day is now perhaps 25, 26 or 27 years of age. Parents support children far later in their lives than previously. I have some experience of this, to be honest, and I have no wish for the House to put bad law into the Statute Book. I have no wish to go to the Revenue Commissioners, but the Minister of State said the people in the Revenue Commissioners would sort it out because they are very practical.

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