If the OP fills out the CGT form incorrectly and pays an incorrect amount to the revenue do they not check it and then tell him he's made an underpayment and vice a versa if he made an overpayment.
If there has been an underpayment, yes. And interest also.Would he have to pay penalties if he made a genuine error?
really I dont think anyone can deny that the Irish tax authorities powers are vast (and they are not to be messed with)
REVENUE POWERS – FINANCE BILL INTRODUCES NEW INFORMATION SEEKING & SEARCH POWERS
You may think that you are unlikely to ever come into contact with the Revenue Investigations and Prosecutions Division, but in the current climate this is no longer a remote possibility.
Two new draconian powers have been introduced in this year’s Finance Bill. The first being a new person specific search power which can compel employees and others to direct Revenue to key material. Failure to comply with the Revenue request carries a penalty of imprisonment and / or a fine. The second, will compel professional advisors and other third parties to provide information requested by Revenue unless “legally privileged” thus affording no protection to advice from accountants and tax advisors.
The new powers are modelled on those contained in criminal and other legislation. The scope of the new search power dramatically increases Revenue powers to equate with search powers used by Gardai in criminal cases where an offence is being investigated which is punishable by a term of imprisonment of five years or more. Yet, astoundingly, the new power has been introduced without a single appropriate safeguard in favour of the taxpayer or his advisor.
....
It is remarkable that this new power does not include a single safeguard for the taxpayer or his advisor save that a body search will be carried out by a person of the same sex. In particular, it fails to address the situation where a person may incriminate himself/herself if he or she is forced to provide information under this new power.
Revenue has indicated that the new search power is modelled on similar powers in criminal, company and competition act legislation. It is noteworthy that whilst the search powers given to Revenue are broader, there has been no introduction of equivalent safeguards
here come the llamas ?
Ubiquitous why doesn't the revenue have to pay penalties and interest if you overpay tax - that's inequitable especially in cases where the revenue have made the error. I think I got interest on tax from the UK revenue on overpaid income tax years ago after much correspondance/cost to just get the tax back.
Also this 4 years limit on overpayments does it apply on underpayments - Can revenue go back say 20 years and say you incorrectly paid CGT in 1987 - even if the error was a minor amount with penalties and interest you would be bankrupt.
Personally I don't see how if you made a genuine mistake and the revenue didn't spot it that you should be penalised.
No.Also this 4 years limit on overpayments does it apply on underpayments
As far as I know they can unless there is some statute of limitations on outstanding tax liabilities which I don't think is the case. Some Oireachtas committee or other recently criticised the 4 year cut off point on tax reclaims by individuals and suggested making this longer or open ended.Can revenue go back say 20 years and say you incorrectly paid CGT in 1987 - even if the error was a minor amount with penalties and interest you would be bankrupt.
No.
As far as I know they can unless there is some statute of limitations on outstanding tax liabilities which I don't think is the case. Some Oireachtas committee or other recently criticised the 4 year cut off point on tax reclaims by individuals and suggested making this longer or open ended.
Good news is I filled out CGT for myself in 2002, and sent them a large check which nearly killed me - so I only have to wait another 5 years to be in the clear. Still don't understand why they wouldn't check out the calculations.
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