WaysnMeans
Registered User
- Messages
- 2
One of my brothers believes that revenue would see that as a tax dodge so he is not willing to support the scheme.
Is he right? I would welcome informed views on this.
I am a 40% tax payer and could afford to pay about 6 months of fees, at least for this year. I understand that Mother cannot recompense me for that cost because Revenue would treat that as her paying the fees. However, I am willing to wait until after she dies and the will is settled if my siblings agree now to each give me a quarter of what I paid after the tax refund.
One of my brothers believes that revenue would see that as a tax dodge so he is not willing to support the scheme.
Is he right?
Yes, he is right.
Brendan
One of my brothers believes that revenue would see that as a tax dodge so he is not willing to support the scheme.
Is he right? I would welcome informed views on this.
Yes, he is right.
Brendan, I dont think any other poster would get away with a bald statement like that without any explanation or support for the opinion.
- Say the fees are €60k a year
- One sibling lends his brother and sister €20k each to fund their share
- They partially repay him when they get their tax relief
- They fully repay him when they get their share of the estate
I would be shocked if the Revenue would turn a blind eye to this. They would see it as tax evasion. If your experience is that the Revenue does turn a blind eye to it, then fine.
I have not seen a case where just one family member carries the fees at the time and expects to be reimbursed at a later date by the siblings.
- Say the fees are €60k a year
- One sibling lends his brother and sister €20k each to fund their share
- They partially repay him when they get their tax relief
- They fully repay him when they get their share of the estate
I quoted the part of the OPs post which outlines the proposal which you have described as a tax dodge.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?