Well she said that their dealing directly with revenue and we don't need to do anything, so I persume they worked out this and takeing it in to account when working out our figures, I asked is that takeing out my overpayment she said that's what I'll be getting back, what's in my letter
Was on to them and asked & they confirmed that they will be making any payments to the RC. Asked for it in writing.
It would be good if it were true and you are wise to obtain written confirmation.
I still have a suspicion though that PTSB will just make a bulk payment to Revenue on behalf of those concerned but that individual settlements will be reduced by any amounts owed to Revenue.
There is no taxable gift here and no CGT.
On first principles, there couldn't be.
I could be wrong, but I cannot see PTSB picking up the tab for excess TRS granted to individual borrowers.
I think that PTSB, following Revenue instructions, will work out the excess TRS in each case and pay over the collective excess to Revenue.
It will then reduce each individual settlement by the excess TRS before payment.
I think that is what PTSB means when it advises "you need not take any action in this regard".
Sorry, I don't follow you - could you expand on this somewhat?
I am inclined to agree.
I struggle to believe that PTSB would refund (what turned out to be) excessive TRS payments on behalf of their borrowers without subsequently recouping this from those borrowers - why would they?
For Gift Tax to apply, there needs to be a human being, either directly or indirectly. It couldn't apply to a payment from a plc or a State entity.
It could in theory apply in a scenario where (say) I arrange for my company to pay something to you for no reason.