Inheritance tax changes ‘certainly’ on table ahead of budget - Harris

Changes to inheritance tax thresholds are “certainly” on the table as talks intensify over Budget 2027 in the coming weeks, according to Tánaiste Simon Harris.

The Minister for Finance told the Irish Farmers Journal in Wexford on Friday that the thresholds were up for consideration, both in the coming and future budget negotiations.

“It’s something that will be considered in the 25 days that I have left until budget,” he said.

“I think the direction of travel in terms of both capital acquisitions tax and capital gains tax is that these are areas that do need to see progress made.”

The Fine Gael leader said his party was clear on its position on inheritance tax and this had been the case since the last election.

“Fine Gael is very clear on this, clear in our manifesto, that this is an area I want to make progress on,” he said.

“I believe the Government can make progress on both the [capital acquisitions tax] and the [capital gains tax] during the lifetime of the Government, but the question is how much we can do in this budget,” he explained.

“It’s quite possible that we may be able to do something.”

Roll out measures

The Tánaiste highlighted that Budget 2027, set to be announced on 6 October, is one of four remaining during the lifetime of the current Government.

He said each budget would be linked, with the potential to roll out various measures across several years.

Harris said he wanted to be “very honest” with people ahead of budget day and ahead of appearing at the National Ploughing Championships in Offaly next week.

He said the Government’s tax package in Budget 2027 will be €1.5bn or “probably slightly more when you take in a few more revenue-raising measures that we might be able to do”.

“The bulk of that tax package will be taken up by a personal income tax package, but I’ve consistently said I want this budget to be seen as one of four,” he said.

“Therefore, is it possible to indicate roadmaps or directions of travel or progress that we’d like to build on in future budgets?

“It may well be.”