Sean Quinn children tax on ‘gifts’

Would there not be penalties and interest.

How they can claim PWC were incorrect in the letter is very interesting. Because PWC would be acting on the clients instructions and a copy of the letter given to the clients. Plus if PWC were incorrect, then the Quinns can sue PWC for the 'mistake' in the letter.
 
Would there not be penalties and interest.

How they can claim PWC were incorrect in the letter is very interesting. Because PWC would be acting on the clients instructions and a copy of the letter given to the clients. Plus if PWC were incorrect, then the Quinns can sue PWC for the 'mistake' in the letter.

have you ever seen an enagement letter with a large accounting firm, suing them over bad advice is generally a waste of time.
 
I'm minded of a bank's requirements where a parent is "gifting" rather than "lending" funds to a child and the child is taking out a mortgage.

The bank require evidence that the money is a gift ( i.e not repayable) and not a loan( where the parent may have some equitable interest in the property).

mf
 
Is the Revenue just ‘show boating’ here as some of the individual liability is small ...
 
Is the Revenue just ‘show boating’ here as some of the individual liability is small ...

Not sure why you think Revenue are show boating, unless you misunderstand who's taking whom to court here.

Revenue has done what they do in any case where they identify such an issue, and raised tax assessments.

The Quinns have taken a High Court action seeking to challenge the legality of the tax assessments, a route not available to most taxpayers, given the cost of such action.

Presumably in the background they have also appealed the tax assessments to the tax appeal commissioners (the free route that is available to everybody regardless of their resources), who normally hear appeals privately rather than in public.
 
Expect the Quinn’s will have to pay penalties and interest if cases not successful.

Where can one view previous cases referred to Tax Appeal Commissioners and outcome ?
 
I'm minded of a bank's requirements where a parent is "gifting" rather than "lending" funds to a child and the child is taking out a mortgage.

The bank require evidence that the money is a gift ( i.e not repayable) and not a loan( where the parent may have some equitable interest in the property).

mf


Very good MF. Revenue no doubt will be looking for what documentation the banks looked for when the children took out loans. To prove that the money was a gift and not a loan.
 
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