Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I shall begin by thanking all of the Senators for their contributions on the Finance Bill. Any time I have come to the House we have had an interesting and informative debate, and today has been no different. On behalf of the Minister for Finance and myself, I thank everybody for their comments and viewpoints. There were some suggestions and advance warnings about matters that Senators wish to pursue further on Committee Stage.

Some of the issues raised today, while relevant in terms of fiscal policy development, relate to areas which are beyond the direct scope of the Finance Bill under debate. Therefore, I hope Senators will understand if I focus in the first instance specifically on the issues raised about the Bill, and then the related issues if I have time.

Senator Mary White raised the issue of inheritance tax while the Minister was here, and I know she has strong feelings about this. The Minister raised the group A threshold that applies to gifts and inheritance bestowed by parents to their children from €225,000 to €280,000, which represents an increase of about 25%. The Minister did so in recognition of the improving state of the national finances and the concerns expressed to him and to many Members by people making and receiving gifts and inheritance, particularly in the context of rising property prices. The scale of the increase may not be considered sufficient by some, and I understand that is the point that was made by the Senator.