Paul O Mahoney
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Avoidance is legal, evasion isn't.Like we never had Tax avoidance in this country
And of course no one in Ireland has ever been done for not paying inheritance or gift tax
Carer settles €1m tax bill with Revenue
Defaulters list show 35 taxpayers agree to pay total of €6 million in first quarterwww.irishtimes.com
Tax avoidance?Like we never had Tax avoidance in this country
Of course we know that tax evasion goes on, but that doesn't make the above story any more credible.And of course no one in Ireland has ever been done for not paying inheritance or gift tax
You are thinking of tax evasion not tax avoidance. They are two distinct methods of not paying tax. Evasion is totally illegal (I just won't declare) Avoidance is somewhat more complex and may involve using reliefs etc in ways they were not envisaged to be utilised.Like we never had Tax avoidance in this country
And of course no one in Ireland has ever been done for not paying inheritance or gift tax
Carer settles €1m tax bill with Revenue
Defaulters list show 35 taxpayers agree to pay total of €6 million in first quarterwww.irishtimes.com
No person is obliged to arrange their affairs in exactly the way the Revenue would like or envisage. If the relief is lawful; use it to the max. The tax system is already very onerous, bordering on penal. It is utterly abhorrent to suggest that taxpayers need or should do any more than ensure bare compliance.You are thinking of tax evasion not tax avoidance. Avoidance is somewhat more complex and may involve using reliefs etc in ways they were not envisaged to be utilised.
Correct, even an employee getting shares via RSUs for example or options are already known to Revenue and if the tax isn't paid Revenue will be very quick to send you a letter.Also some of those amnesties of the past related to offshore assets. With the increase in the automatic exchange of tax related information between countries worldwide, it's getting harder to harder to hide.
Correct , the deemed disposal regime for investments in etfs is a case in point. No other European country has this for simple investments that can be bought and sold online. Ireland is a complete outlier with regard to this. Its purely and simply and unfair tax when the same country won't impose a fair property taxNo person is obliged to arrange their affairs in exactly the way the Revenue would like or envisage. If the relief is lawful; use it to the max. The tax system is already very onerous, bordering on penal. It is utterly abhorrent to suggest that taxpayers need or should do any more than ensure bare compliance.
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.
Love that saying... I heard it quoted in The Millionnaire Next Door? Fantastc book!As they say in Texas..... big hat, no cattle.
I have never heard of this, could you expand on its meaning?A bit like the lads on the building sites from the UK coming home in the late 70's/80's, with what was called the Amadáns gift.
Might be a bit rude Paul. It concerned the white suited lads coming home and boasting about the big money they were earning.. Locals used to say they had the Amadáns gift, ie, because by the time they were going back all they had was "a big toxl and no money"I have never heard of this, could you expand on its meaning?
We used to call them Dagenham Yanks , especially the ones who were working for Ford.Might be a bit rude Paul. It concerned the white suited lads coming home and boasting about the big money they were earning.. Locals used to say they had the Amadáns gift, ie, because by the time they were going back all they had was "a big toxl and no money"
What did you call the ones that were working for Ford in Cork then?We used to call them Dagenham Yanks , especially the ones who were working for Ford.
"Lucky" they had a job....the Cork plant didn't run the smelter all year so they were sent to Dagenham. Others went full time. There are stories of lads wearing fur coats for their wives /girl friends but womens coats buttoned opposite to mens and customs would take them.What did you call the ones that were working for Ford in Cork then?
I don't think anyone "worked" for Ford in Cork. The joke was that if you pushed a Cork Ford worker he'd start, such was the robbing by staff down there!What did you call the ones that were working for Ford in Cork then?
Thus the reason we all had Fords, the stories are comic regarding the stealing theres a lot of property in Crosshaven ,and its surrounds that are built from the crates the parts arrived in ....lads were known to transport them by bycicle.I don't think anyone "worked" for Ford in Cork. The joke was that if you pushed a Cork Ford worker he'd start, such was the robbing by staff down there!
Not just in Crosshaven, I know a couple of sheds on the other side of the city built out of those crates. Bad tyres from Dunlops were great for the silage pit coveringsThus the reason we all had Fords, the stories are comic regarding the stealing theres a lot of property in Crosshaven ,and its surrounds that are built from the crates the parts arrived in ....lads were known to transport them by bycicle.
After my father in law died and probate was going through Mrs G was doing the probate. Revenue contacted her to ask about a house sale he had been involved in 13 years previously where no CGT was paid.
They were hit with interest, charges and penalties going back 13 years. To Revenue’s credit they were prepared to negotiate a little as Mrs G’s siblings knew nothing about it. It was still a significant enough bill in the end.
Moral of the story. Be as straight up in your dealings with Revenue as you have to be.
Very odd stories, as tax penalties can not be charged on an individual after their death. (Arrears and interest can.)Likewise. My Grandmother, who died in the mid-90s, didn’t believe in paying VAT in respect of a business she ran from the 70’s until she died. Revenue didn’t pursue her for the debt, but when she died, the VAT amount outstanding including penalties and interest were levied on her estate. As I inherited the estate (an apartment and contents), I ended up writing a cheque to the taxman to clear the tax debt so I could inherit the apartment. (The tax debt exceeded the value of the apartment at the time!).
Point being, Revenue have a long memory and you might be surprised at what they actually know about a person’s affairs.
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