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Two elderly men set to marry next year to avoid paying inheritance tax
Matt Murphy, 85, and Michael OSullivan, 58, have been close friends for over 29 years. Michael acts as Matts carer, and he wants to appreciate him by bequeathing his properties to Michael.
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The Irish Sun reported that Matt Murphy, 85, and Michael O'Sullivan, 58, have been close friends for over 29 years. Michael acts as Matt's carer, and he wants to appreciate him by bequeathing his properties to Michael.
However, the biggest headache for the two friends now is the fact that Michael would have to pay 33 percent of the value of the inheritance to the Ireland government, in fulfilment of the Ireland's capital acquisitions tax laws.
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Necessity, they say is the mother of invention. The duo have hatched a plan to marry, as the controversial law excludes gifts or inheritance given to a spouse or civil partner.
Some news portals have quoted Michael as having revealed that, “Matt said to me ‘look, I’m going to leave you the house.
“I said it’s a nice idea, but because of tax reasons, I’d have to pay half to the Government. But once we are married, I’m his spouse then, and if one partner dies, the house automatically goes to the other partner.
“I love Matt, but not in a [romantic] way. I’m his carer now and as Matt said to me one day, ‘it isn’t a bad idea.” Michael said.
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The planned marriage would not be a breach of the Ireland law, according to legal experts, because a referendum held in that country in 2015 legalised same-gender marriage.
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