He said no decisions had been taken as part of Budget 2025, which will be presented to the Dáil in less than a month, “but I would say that there is, I think, consensus within government that the present [exemption] threshold around inheritance tax is too low”.
Adult offspring are currently entitled to inherit just over one third of a million euro (€335,000) from the parental estate before paying tax at 33pc on the balance.
Mr Chambers said the entry rate for the tax was too low, “particularly as property prices have recovered, and I am working on options to maybe shift some of that as part of Budget 2025.
“But no decisions have been taken on either the rate or the threshold.”
He added however: “I think it’s important [to make changes], since the economy is strong, and particularly as there’s been no changes of this for many years, whereas we’ve seen improvement in property prices.
“And I think it is we are at a point where there should be changes to Capital Acquisitions Tax [including Inheritance tax], more generally.
“The specifics around that we’ll see on Budget day.”
Meanwhile, Minister Chambers said no religious order could evade its responsibility following publication of the report into sexual abuse in religious-run schools yesterday.
They should “make a contribution” to the compensation of victims through the redress programme called for in the scoping report, he said.
“My sympathies are with all of the victims, and I commend them for their courage as part of the process that we’ve had up to this point,” he said, adding that he had watched Prime Time last night, and heard the harrowing experiences “that so many young people had in our school system”.
“I know many more will come forward as part of the next process.
“Obviously, the Government will discuss the recommendations, but I think generally there should be a contribution made by religious institutions for any redress scheme which might come from this process. They should be part of that.”
He said he believed the religious orders “have been quite defensive on this”. It was “shameful” that so many victims have waited for so long to have their stories heard, he said.
They “haven’t had any accountability, and that’s why it’s important that the next stage of this, led by Minister Foley, is progressed quickly”.
Asked if the orders should be legally compelled to pay, he said: “We need absolute accountability when it comes to the religious orders and their involvement in this over many years.
“They need to be involved, and obviously the legal mechanisms and how that’s done, both for the process itself and the redress scheme will be for further Government discussion.
“But no religious order should be left behind as part of this. They need to be involved when it comes to accountability and being part of the scheme.”
