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DIRT TAX and what to do?

  • 11-03-2004 9:44am
    #1
    MrsL
    Closed Accounts Posts: 2 ✭


    Anyone out there able to advise someone on what to do? let's day a friend of a friend lodged £7000 in 1988 to an offshore account. No more was added and it was withdrawn over the years and finally account closed in 2001. What to do?


Comments

  • #2
    Borzoi
    Registered Users, Registered Users 2 Posts: 2,876 ✭✭✭Borzoi


    Are you (sorry -they) looking for advice on how to get away with this when the Revenue Commisioners come looking for you? Or are you looking for the forms to confess to previous tax evasion and find out how much you owe?


  • #3
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    Just to preface any discussion about this...

    As per charter, No advice can be given about the evasion of tax as it is illegal.

    At this point, I think you should contact the Rev Comms., because when they do catch up with said "friend" it will be even worse.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    They will find your "friend" and probably sooner rather than later. If one comes clean early, one will incur fewer penalties and interest, lower risk of prosecution and embarrrassment of having one's name in the papers

    I think there is a specific section on www.revenue.ie to enable people to come clean with the least hassle.


  • #5
    ShaneHogan
    Closed Accounts Posts: 67 ✭✭ShaneHogan


    If the original 7k was legitimate (i.e. income tax had already been paid), then the tax liability will be fairly modest, as it will only apply to the interest earned on the 7k. However, Revenue will add interest & penalties.

    If the original 7k was not money, then the tax liability will be substantial, plus interest & penalties on top.

    Either way, they need to declare it now to avoid further interest/penalties/publication and to be able to sleep soundly at night. I trust you gave the friend of a friend a sound bollicking over their defrauding of the rest of us - It's not Revenue or the Govt they were ripping off - they were ripping off all of us.


  • #6
    b20uvkft6m5xwg
    Closed Accounts Posts: 2,695 ✭✭✭b20uvkft6m5xwg


    Originally posted by ShaneHogan
    I trust you gave the friend of a friend a sound bollicking over their defrauding of the rest of us - It's not Revenue or the Govt they were ripping off - they were ripping off all of us.

    Well put Shane.
    Its difficult to get ppl to realise those are the facts!


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