I completely agree with this take. There may be legal ways to achieve the desired long-term outcome while minimizing the tax due.OP's sister needs to get herself along to a tax consultant as a matter of urgency for professional advice on how to put her tax affairs in order.
There is much that we do not know about in relation to the particulars of the specific case.
It occurs to me that it may yet be possible to rescue the situation legally, especially if the benefit has only accrued recently.
Irish address data is all over the place and matching is not at all straightforward. AFAIK it's very hard to reliably match Revenue property IDs with folio data. So lots of false negatives.- take all new property tax payees
- cross check against landdirect to see of mortgage is registered
It would create a vast number of false positives. Lots of people have legitimate financial wealth and pay cash for a property.- if no mortgage look at declared income for previous years
Something like that creates a narrow funnel relatively quickly.
Bit of a reach, that. They don't routinely monitor private bank accounts in real time.Here's a how did they found out that happened to me.
Sold shares sitting in US money landed in my IE account. Not huge amount maybe circa 10k.
End of year got a letter from revenue asking to fill out the form re additional earnings.
Based on cross checking with colleagues we believe what happened was they cross checked the incoming bank account against accounts also recv mortgage interest relief to identify us.
I wouldn't be so sure of that.Irish account recipients without mortgage relief, and those the transferred to offshore escaped the net.
And also the implicit suggestion that savings accumulated from business, self-employment or profitable investment are somehow illegitimate or involve crookery.RE: the assertion that money was not earned from PAYE sources.
Then she'll need another 50k to pay the tax on that...Maybe the sis can get another early 150k to help pay the tax bill!
Seems like an ideal scenario where the uncle should take out a Section 72 whole-of-life insurance policy which will pay out a tax-free sum on his death provided it's used to pay a CAT liability.Then she'll need another 50k to pay the tax on that...
2 days, 49 replies and over 4,000 views."how'd the tax man ever find out?"
I think there are a few out there with similar concerns.
Yeah, maybe.That's a big leap into the level of presumption.
What's your point? There are people in this world who are successful and pay paye and accumulate significant amounts of savings from salary despite the tax rate.RE: the assertion that money was not earned from PAYE sources.
We are not all sucked into consumerism and keeping up with the McJones.
A lot of people give the impression they are doing well, driving new cars, shows off their status in society.
I bet 90% of the new cars are on finance.
As they say in Texas..... big hat, no cattle.
The uncle could have been frugal and invested his money well.
I think most of us are more shocked than "with similar concerns ", paying taxes isn't something that anyone likes, but if people wantonly "evade" their tax liabilities it effects the entire population both directly and indirectly.2 days, 49 replies and over 4,000 views.
I think there are a few out there with similar concerns.
I'm not shocked at all by the OP's story, because I never for a second believed a word of it. It's preposterous.I think most of us are more shocked than "with similar concerns ", paying taxes isn't something that anyone likes, but if people wantonly "evade" their tax liabilities it effects the entire population both directly and indirectly.
Dunno it does happenI'm not shocked at all by the OP's story, because I never for a second believed a word of it. It's preposterous.
That people dodge huge tax liabilities on fully documented transactions, then get drunk and tell their relatives, one of whom within a few days joins an online forum to tell everyone what happened?Dunno it does happen
That part I agree sounds iffy but look at it this way the advice and the law has had a light shone upon it. I do know of a similar situation same relationship albeit 12 years ago, and guess what Revenue found out and pursued the person who had left the jurisdiction.That people dodge huge tax liabilities on fully documented transactions, then get drunk and tell their relatives, one of whom within a few days joins an online forum to tell everyone what happened?
It was the "shure what about it, how'd the tax man ever find out?" line that did it for me.
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