Wład_Szćżepąnjk
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Yes but suspicious transactions from an AML perspective go to AGS, not Revenue.It's possible the bank in question (to where funds were lodged) may report it under AML requirements
The question is what AML documentation was already lodged with Solicitor and if a loan agreement is in place.If the sister is queried about this could not simply say that the money is a loan from the uncle?
A loan with no repayment schedule is not a loan!There is meant to be interest charged but it’s linked to rates banks are offering for deposits - so around 0% would be correct.
Yes but suspicious transactions from an AML perspective go to AGS, not Revenue.
A loan with no repayment schedule is not a loan!
Yes but suspicious transactions from an AML perspective go to AGS, not Revenue.
I am speculating here, but a transfer of said amount from one Irish bank account to another might not even raise flags, especially if donor and recipient have the same surname. The main line of defence from an AML perspective would be your sister's solicitor who is obliged to seek assurances that the source of funds is legal, as @Thirsty has outlined.
Sister's solicitor would have (presumably) advised her that there would be CAT implications but to my knowledge that would be the end of it from the solicitor's perspective.
Sorry, if you have half a million euros in spare cash to gift to a relative well you are indeed "rich".And CAT of course, is a tax for the little people. The truly rich will employ effective tax avoidance strategies
If you inherit €335,000 from a parent, you pay nothing in CAT. If you inherit from an aunt or uncle, you pay €100,000. If you inherit from your aunt or uncle's surviving spouse, you pay €105,000. This is perhaps the greatest and most shameful inequality in the Irish tax code.This thread serves to underline just why CAT is a horribly unfair tax. The uncle, we must presume, has acquired his fortune lawfully and has paid - if he's living in Ireland - stunningly high taxes on it already. He is now in the unfortunate position that, having already suffered marginal tax rates in excess of 50%, Revenue will get a further 33% bite out of almost everything he leaves behind him. Why shouldn't he be allowed to bequeath his own after-tax property to a favourite niece?
No, having on retirement the price of a middling family home in a reasonably popular urban area is counted as "rich" only in a country that despises and begrudges the accumulation of even modest wealth.Sorry, if you have half a million euros in spare cash to gift to a relative well you are indeed "rich".
No, you are comfortable. But you're not rich. Not even close.Sorry, if you have half a million euros in spare cash to gift to a relative well you are indeed "rich".
70% of households don't even have €500k in net wealth, never mind having as much to give away. The median household has €50k in liquid financial assets (see table 3.4). Someone able to give away half a million euros in cash is rich, or else you have a useless definition of the word.No, you are comfortable.
This has nothing to do with self-selection, the fact remains that Ireland has relatively few rich people. And that's a major long-term problem for our country and economy.70% of households don't even have €500k in net wealth, never mind having as much to give away. The median household has €50k in liquid financial assets (see table 3.4). Someone able to give away half a million euros in cash is rich, or else you have a useless definition of the word.
You compare yourself to your peers in life, but your peers are not randomly selected. People completely forget that the population of AAM is self selected and (on average) we have much higher income and wealth than most.
I agree, and that's about the extent of my own net wealth. But that's not the case here.To repeat, having the price of a middling Dublin house in net wealth isn't rich.
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