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There are several ways in which tax can be mitigated by tax planning. As circumstances vary, it would be prudent to seek the advice of our firm. In the case of a husband and wife, they may be able to take advantage of the 95% deduction applicable to the principle residence and where the beneficiaries are directly related. This deduction is limited to €122,606.47 each person. The only provision is that the property is not sold for 10 years.