Before I call the next Senator, I welcome the Speaker of the Parliament of the Isle of Man, the Honourable Juan Watterson, and a member of that Parliament, Mr. John Wannenburgh, who are guests of Senator Gerard Craughwell. They are most welcome to Seanad Éireann and I thank them for visiting Leinster House.

I, too, welcome our guests from the Isle of Man. It is great to see them. Last year, I had the honour of representing Seanad Éireann at the Tynwald Day ceremony. The pageantry and event are worth noting. If anybody gets the opportunity, I recommend visiting the Isle of Man and certainly Tynwald Day because visitors receive a very warm welcome. I again welcome our guests.

The main reason I rise today is to join with Senator Craughwell in relation to the inheritance tax. It is an unfair tax, especially for people who have no children, because when people pass on their home, money or an item of value, only €40,000 can be passed to nieces and nephews and then it is €20,000 to other members of the family. I welcome the words of the Taoiseach, who is certainly looking at reform or would welcome it. It is an unfair tax because people are discriminated against. People have already paid tax on their income and when they die they leave their estate to a loved one who then must pay over 33% in inheritance tax over the rates. There is due to be a meeting with the Minister for Finance in the coming days. The Government will consider some sort of reform but I think there should be reform over the lifetime of this current Government. I am not advocating for doing away with the inheritance tax altogether but we need to reduce the rates and make it more affordable for people to inherit because in some cases people end up having to sell the house they inherit just to pay the tax on it. It is an unfair tax and needs to be looked at.