frankbradz
Registered User
- Messages
- 16
The house in N.Ireland was in my name, even though my parents contributed to 50% of the purchase price and took 50% of the profit. They also lived in the house for the full 18 years, until it was sold.Generally Revenue has 4 years to make any inquiries. Is there a reason why you should be concerned they may challenge you return?
It's up to you, all I'm saying is that there's statutory limitation of 4 years.
Is it possible to approach Revenue and ask them to verify if they are happy with my declaration?
Is it possible to approach Revenue and ask them to verify if they are happy with my declaration?
Both myself and my parents. The money came out of my N.Ireland bank account. Each month they contributed 50% of the mortgage payment. They also contributed 50% of the initial purchase price. So the house cost £60k. They contributed £30k and I took out a mortgage for £30k.Who paid the mortgage for the 18 years?
So they have paid 75% of the cost by the looks of it, is that right? i.e. 50% up front, and half of the other 50% that was mortgaged?Both myself and my parents. The money came out of my N.Ireland bank account. Each month they contributed 50% of the mortgage payment. They also contributed 50% of the initial purchase price. So the house cost £60k. They contributed £30k and I took out a mortgage for £30k.
Sounds that waySo they have paid 75% of the cost by the looks of it, is that right? i.e. 50% up front, and half of the other 50% that was mortgaged?
True, I have assumed a genuine return and from description above we can see that professional advice was sought, so wouldn't consider this case as fraudulent nor negligent. bestThat is not correct. Revenue can go beyond the standard 4 year limit in compliance cases where fraud or neglect is suspected.
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