Law Society makes 22 recommendations for tax and probate changes

The Pre-Budget Submission on Issues of Probate and Taxation highlights “a number of inequities in the tax code where the system simply hasn’t kept pace with recent legislative and social changes”, director general Ken Murphy said.

It provides recommendations to improve the attractiveness of Ireland for foreign investors and to cure a number of taxation anomalies that have arisen, particularly following the Marriage Act 2015.

He said the proposals “make no additional call on the public coffers, and will bring financial relief to many people within the community”.

Mr Murphy said a lag in implementing tax changes as part of the Companies Act 2014 “has put us at a disadvantage”.

He said: “To remain competitive, we need to be seen as a ‘best in class’ destination for company law and enterprise regulation. This will directly create jobs and generate much needed economic activity.

“We also need to encourage and support our entrepreneurs – the existing tax codes, and particularly the interaction with the new economy, needs updating or we risk losing some of our most innovative people to other countries.

“We have also identified initiatives the Government has previously promoted, like the review of Stamp Duty on the transfer of stocks or Irish marketable securities. These are positive initiatives that are yet to be implemented but would certainly benefit the economy and ensure we are not at a competitive disadvantage to the UK.”

Mr Murphy added: “Since the passing of the Marriage Act 2015 our members report a range of taxation and probate issues that have resulted. These basically reflect a tax code not keeping pace with legislation or the practical experience of citizens.”

“Our submission outlines a range of simple but technical recommendations which will ensure fairness and equality, in line with the original intention of the Act.”