BoI Cash Back - Tax Implications?

[ckc400]

Hi,

Does anyone know what tax would be due on BoI's cash back offer. If I get a 400k mortgage, I would be entitled to 8k cash back - would I have to pay tax on this? CAT?

Sorry if this has been asked before, I looked but couldn't see it.

Thanks

Ckc400

 

[Brendan Burgess]

A very interesting question.

I would be very surprised though.
If this were the case, they would have to highlight it.

Brendan

 

[ckc400]

They don't seem to say anything about tax and when I asked them they seemed surprised by the question. The response was along the lines of 'it's just cash there's no tax'.

I can't see how you can receive €8k without there being some tax implications. What they are or might be, I have no idea.

 

[Reick]

When I asked BOI I was told there was no tax. However, as you say, you would be better to get a guarantee on that. . There doesn't seem to be a page or leaflet with 'terms and conditions' for this offer.

 

[Cilar]

That would not be on their terms and conditions. It's not up to them to tax it at source, but you to declare it at the end of the tax year. I don't see how this would not be seen as income.

 

[daheff]

I'm guessing its a case that BOI are 'loaning' 408K, but immediately write off 8k as a gesture of goodwill?