Presidential election: Sean Kelly rules himself out of race
Mr Kelly, who was elected with a massive 127,000 votes last June, has opted not to contest the Fine Gael nomination race, leaving the way clear for former European commissioner Mairead McGuinness.
Mr Kelly, who is leader of Fine Gael in the European Parliament, said in a statement: "It is a great honour to have been asked by so many friends, colleagues, and supporters to consider standing.
"That support is the reason it has taken me until now to make this decision. When so many people believe you are suited to such an important position, that's something you have to consider very seriously.
"I've discussed this at length with members of my family in recent weeks and months, and we've ultimately agreed that entering the Presidential race is not the right move at this point in time. I want to thank my wife, Juliette, and my family for their willingness to fully support whatever decision I came to."
Mr Kelly said he is enjoying his work as an MEP and continues to be "energised by the enormous challenges facing both Ireland and the European Union".
"I look forward to continuing that work and fulfilling the strong mandate I've been given by the voters of Ireland South.
"Whoever is chosen as the Fine Gael candidate in the time ahead, I wish them the very best of luck in the election and look forward to supporting their campaign however I can."
The Fine Gael nomination process closes next week, and Ms McGuinness is now considered to have a clear run at the nomination.
Meanwhile, a group of opposition parties continues to mull over its choice.
Following a meeting on Wednesday, it is understood that backing Galway West TD Catherine Connolly is seen as the preferred option by People Before Profit and some in the Social Democrats, but Sinn Féin and Labour have yet to come to a decision.
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RTÉ News
32 minutes ago
- RTÉ News
'Optimism but no certainty' as Trump and von der Leyen to meet in Scotland
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The Journal
2 hours ago
- The Journal
New legislation could allow people choose who inherits their estate, say tax group
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Penalising people with no children However, in the run up to the election, a debate arose around inheritance tax rules favouring parents and penalising someone who is child-free. The net result in this situation, where 'chosen relationships' could be included in this grouping, would be a tax-free threshold, state the experts, however the paper said that this was not possible to cost. 'Therefore, the costings have been calculated on the basis of three separate instances of a tax-free €400,000 threshold for each group. This would create an additional cost to the Exchequer of €390 million based on up-to-date Revenue data,' state the review papers. Advertisement The Programme for Government contains a commitment to maintain a broad tax base of which Capital Acquisitions Tax (CAT or inheritance tax) is one contributory element, state the papers. 'However, it is important to get some sense of the cost of various changes to a particular tax as these are factors which the Minister for Finance must consider when deciding upon his broader budget package. This is particularly relevant this year because of the case being made to expand the scope of Group A to include broader family arrangements,' said the tax experts. Both Fianna Fáil and Fine Gael made a number of pledges in their election manifestos around the expansion on inheritance tax groupings. Fianna Fáil pledged to review the inheritance tax thresholds applicable when the deceased does not have children. The party also said it would increase and adjust the inheritance tax Category A, B and C thresholds in each budget 'to reflect the wider increase in property prices in the Irish economy in recent years'. Meanwhile, Fine Gael will said it would increase Capital Acquisitions Tax thresholds and raise Group A threshold (for children) to €500,000, Group B (for siblings) to €75,000, and Group C (for others) to €50,000, 'building on the progress made in Budget 2025″, it said. The tax review papers directly address whether there is discrimination at play when it comes to the differential tax treatment for direct familial relationships and more distant relationships, stating that this has existed in the Irish legal system since the foundation of the State. 'This is reflected explicitly in the Constitution, most clearly in Article 41. The current CAT legal framework, differentiating between Groups A, B and C takes account of this constitutional framework,' states the review papers, stating that it is the beneficiary of the inheritance or gift and not the person who passes away who has to pay the inheritance tax. 'In this context, it is not clear that there is a case that disponers are being discriminated against. Instead, legal concerns, if any should be viewed from the perspective of those who are liable for the tax i.e. the beneficiary. 'It should be noted that it is not clear that such concerns exist here either, as it is not uncommon for the tax system to tax people in different ways depending on the situation or their circumstances,' states the report. The Department is satisfied that the existing inheritance tax legislation and the taxation benefits are not unconstitutional or otherwise unlawful, states the review. Related Reads Financial advisor: Thinking of retiring? Here are the things to consider... Opinion: Inheritance tax changes in the budget have brought some relief, but not enough Breaking down further costings, the group looked at the cost of giving the same status to aunt, uncle and sibling relationships that currently apply to parental relationships – i.e. equalising Group A and B at a tax-free threshold of €400,000. This would cost the State €305 million based on the most up-to-date Revenue data. 'The likelihood is that in reality the costs of collating Groups A and B would be lower, but in the absence of appropriate data it is not possible to demonstrate this at this time,' it adds. Boosting €3,000 tax-free gift to your child per year The tax papers also looks at the gift threshold that parents are allowed give to their children on a yearly basis. Currently, a parent may give a gift up to the value of €3,000 to a child or anyone else each calendar year without any CAT arising. Two parents can make gifts of €3,000 each to a child, resulting in a gift to the value of €6,000 in any year free of CAT. There is no limit on the number of small gifts a person can receive in a year from different donors. The small gift exemption applies only to gifts and not to inheritances, but if government were to increase the small gift exemption, for example, in the case of giving their child help towards a deposit to buy a house by €1,000 (to €4,000) such a move would cost €0.7 million, states the paper. The cost of increasing it to €5,000 per parent is estimated to be €1.4 million, based on the number of CAT returns filed for 2023. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Examiner
3 hours ago
- Irish Examiner
Trump tells Europe to ‘get your act together' on immigration before US-EU trade talks
Intensive negotiations were continuing on Saturday between the EU and the US before a crunch meeting in Scotland between Donald Trump and the European Commission president, Ursula von der Leyen, to avert a costly trade war. Trump spent the night at his family-owned Turnberry golf resort on a private visit, but took time to criticise European leaders over wind turbines and immigration, claiming there won't be a Europe unless they 'get their act together'. 'I say two things to Europe. Stop the windmills. You're ruining your countries. I really mean it, it's so sad. You fly over and you see these windmills all over the place, ruining your beautiful fields and valleys and killing your birds,' he said. 'On immigration, you better get your act together,' he said. 'You're not going to have Europe any more.' On Saturday morning, he abandoned a scheduled meeting with the press, who travelled with him on Air Force One, for a round of golf at his seaside course with music blaring from the buggy he drove. Sky News, stationed next to the course, reported the songs included Billy Joel's Uptown Girl, Elaine Paige's Memory and Simon and Garfunkel's Bridge over Troubled Water. Billed as a four-day family visit to Scotland, Trump is meeting European leaders and the British prime minister, Keir Starmer, raising hopes of new and refined trade deals with the EU and the UK. People take part in a Stop Trump Scotland protest outside the US Consulate in Edinburgh, as US President Donald Trump begins his five-day private trip to the country at his Turnberry golf course in South Ayrshire. Picture: Jane Barlow/PA Wire On the prospects of an EU trade deal, the US president has said there were '20 sticking points'. When asked what they were, he said: 'Well, I don't want to tell you what the sticking points are.' He described von der Leyen as a 'highly respected woman' and said the meeting on Sunday with the EU chief would be 'good', rating the chances of a deal as 'a good 50-50'. It is understood von der Leyen and her aides will fly in on Saturday, with the European trade commissioner, Maroš Šefčovič, arriving on Sunday morning. It is expected the deal will centre on an outline agreement in principle over 15% tariff rates for exports including cars, but with a 50% tariff continuing on steel. There may also be a breakthrough deal on pharmaceuticals, setting a rate of 15% for exports. Although this would breach a longstanding World Trade Organization agreement that medicines are rated at a zero tariff, it would be a far cry from the 200% tariff Trump threatened to impose on pharmaceuticals earlier this month. People take part in a Stop Trump Scotland protest outside the US Consulate in Edinburgh, as US President Donald Trump begins his five-day private trip to the country at his Turnberry golf course in South Ayrshire. Picture: Jane Barlow/PA Wire This would have triggered a highly damaging trade war not just with Ireland, where many US multinationals are based, but Germany, Denmark, Belgium, France and Spain. Read More Israeli air strikes in Gaza Strip leave at least 25 dead, health officials say Von der Leyen's spokesperson, Paula Pinho, said: 'Intensive negotiations at technical and political [level] have been ongoing between the EU and US. Leaders will now take stock and consider the scope for a balanced outcome that provides stability and predictability for businesses and consumers on both sides of the Atlantic.' It is believed the meeting will be held in Aberdeenshire and will be followed by a series of meetings with Starmer on Monday, with hopes he will widen the bare bones trade deal he struck in May. Trump's arrival in Scotland has required the biggest security operation since Elizabeth II died in 2022. More than 5,000 police and security personnel are involved in the four-day visit with no risks taken after the assassination attempt on the president a year ago. High perimeter fences have been erected around the coastal golf course with naval vessels patrolling the shore while security drones overhead and dozens of security detail staked out the resort early on Saturday. The heavy security presence may be a foretaste of events to come later in August when the US vice-president, JD Vance, and his family arrive for a holiday in the Cotswolds, reportedly in the village of Charlbury. Locals who resisted the expansion of Trump's golf course in the past have asked who would be footing the bill for the security arrangements. - The Guardian
