Speaking to Irish broadcaster RTE, 85-year-old Matt said he is going to marry his best friend and long-time carer, Michael, so that he can leave him his house.
The pair, who have been friends for 29 years, will marry in a ceremony in either December or January, weather permitting.
Michael told the Liveline on Radio 1 show that Matt has told him he wanted to leave him his house when he died.
Matt told the programme: “I love Matt… but not in a sexual way. He’s one of the nicest people that anyone will ever meet in your life.”
However, Michael was concerned about the implication of Ireland’s Capital Acquisitions Tax, because he would “have to pay half of that to the government”.
Married people or those in civil partnerships are exempt from the tax on items of inheritance from their partner.
Michael will be free to date women after he marries Matt, the older gentleman has confirmed.
Capital Acquisitions Tax
Under Irish law, a gift and inheritance are taxed if its value is over a certain limit or threshold, according to Ireland’s Citizens Information.
Different tax-free thresholds apply depending on the relationship between the person giving and the beneficiary. There are a number of exemptions and reliefs depending on the type of gift or inheritance.
Gifts or inheritance from a spouse or civil partner are exempt.
If Michael and Matt were not married, Michael would be able to receive €16,250 tax free and have to pay 33% on the value of the property above that.
A quick search of property prices in the Stoneybatter area of Dublin revealed that the price of Matt’s property could range from €350,000 to €410,000 – depending on its size.
International implications
The tax applies to all property located in Ireland. It also applies where the property is not located in Ireland but the either the person giving or the beneficiary are resident or ordinarily resident in Ireland for tax purposes.
