Former Fine Gael TD Alan Shatter says he hasn’t “given thought” to the prospect of running again for the Dáil as he urged people to campaign to abolish inheritance tax.
Well in excess of 100 people, most appearing to be aged 50 or older, attended the inaugural meeting of Mr Shatter’s new campaign in Goatstown where he described inheritance tax as “State-sponsored grave robbery” and an “indefensible” interference in families.
The question of reforming inheritance tax has come into sharp focus in recent months with the Taoiseach. Simon Harris, saying in July changes to inheritance tax deserved “to be considered” in next month’s budget.
Children can inherit €335,000 from parents before they have to pay tax on any amount above that at 33 per cent. Previously, up to 2008, children could inherit €542,544 before being liable for tax at 20 per cent on amounts above that.
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“If the €542,000 was to reflect where it should be based in today’s values the exemption limit should be closer to €700,000,” Mr Shatter told his audience.
During the meeting he described the tax as a “resentment tax” favoured by people who were “jealous” of those who had “lawfully accumulated assets”.
He said it “was an “invention of the 1970s ... a sort of socialist dogma that there was something wrong that families should ... provide some financial assistance to other members of their family”.
Mr Shatter, who held a seat in the constituency – formerly known as Dublin South – until 2016, said he did not expect his “former political colleagues” to abolish the tax in next month Budget. “I am expecting this campaign group, starting with your support, this campaign will run for some time, but the objective of abolishing inheritance tax is realistic.”
Several people spoke from the floor, saying they agreed fully with Mr Shatter and told the difficulties they faced due to the tax.
One woman said, to applause, that the Government appeared intent on “taking every single penny of the hard work of my parents, to give to people who may not have worked because they couldn’t be arsed”.
Her parents “didn’t go on a foreign holiday until they were in their 50s. [The Government] can go and f**k off,” she said.
A woman with a son with additional needs, living in her parents’ home, said she feared becoming homeless when they died.
One man asked whether Mr Shatter had considered how the Government would replace the “revenue forgone” if inheritance tax was abolished – a question greeted with some muttering and shaking heads.
Speaking after the meeting, Mr Shatter said he had started the campaign because people were “really badly affected by it ... and my former colleagues had absolutely no interest in it”. Asked if he would stand in the general election he said: “I genuinely haven’t given thought to that. The reaction of people this evening was very interesting and there is a life outside politics.
“I didn’t know this evening would we have only ten people turning up ... I am honestly gobsmacked [by the turnout] and obviously delighted they did.
“We may consider [holding meetings around the country]. We will maintain a profile for the issue, see what happens with the budget and then see where we are after that.”
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