This firm has made various submissions to Revenue in relation to the changes under Finance Act 2014 concerning the exemption for benefits taken by children in their support, maintenance and education.


We welcome wholeheartedly the change requested by this firm to extend the exemption to persons with disablity irrespective of age on the basis we argued that the exemption exists in the case of dependancy and persons with disability have inevitably a dependancy concern. This amendment was brought in at committee stage of the legislative process.


We still await legislative change to the anomaly that a child under the age of 25 without a disability whose parents are both living or whose parents are both dead are in gift/inheritance tax terms better off than the child who has a parent still surviving. This arises because an inheritance of benefits from a deceased parent given for support, maintenance or education (e,g. a pension already subject to income tax) will be subject to CAT whereas it is exempt in the case of a gift or in the case of an inhertance where both parents have died. It should not be the case at law that a child under the age of 25 is better off in tax terms in having both parents dead to recieve a pension prudently planned by the deceased parent to cater for that child while a minor or still in full time education.


The current position is outlined in the eBrief no 109/14 on which this firm made submissions prior to publication via TALC assisting in clarifying matters arising from the changes introduced by Finance Act 2014.


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