Re-open Revenue Assessment

A friend of mine made a settlement with Revenue in March 2003 in relation to a Bogus Non Resident account. At the time she could not provide definite proof that the funds in the accounts had been taxed so she was assessed on the capital balance and interest.

Just in the last few weeks information has come to light to explain some of the source of the capital balance.

Is my friend too late to present this information to Revenue and have the assessment looked at again? Does the 4 year rule in relation to tax claims apply?

I would imagine that the 4 year rule will apply but dont take this is a definitive answer. If you were my client I would do some research to verify my answer. As an aside people and agents gave in too easy on these Revenue Investigations. The Revenue's tactics basically amount to bullying and intimidation. I had a client, a lady of 84 years who got such a letter. Due to health and memory problems she could not trace back to bank accounts where her savings were accumulated. The Revenue insisted on assessing her on the Capital despite the fact that she had worked for 70 years and lived a very simple life. The lady said that she would not allow herself to be bullied and we told the Revenue that they would not get a penny and that all monies on deposit were earned and subject to taxes despite us being unable to prove same. We invited them to assess her and insisted that we would appeal. The matter was dropped.

the four year rule only applies if you want a repayment of taxes that was overpaid.

you can actually get the taxes offset against other taxes or against other years taxes !

Ants you are correct but they will not allocate to an other year unless there is an outstanding liability for that year.