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Directors getting sponsored

  • 13-09-2009 10:40PM
    #1
    Verbal_Kint
    Closed Accounts Posts: 417 ✭✭


    Anyone know the tax and legal ins and outs of a director of a company having that company sponsor them into a live tournament such as irish open or an EPT event


Comments

  • #2
    Ollieboy
    Registered Users, Registered Users 2 Posts: 3,070 ✭✭✭Ollieboy


    Verbal_Kint wrote: »
    Anyone know the tax and legal ins and outs of a director of a company having that company sponsor them into a live tournament such as irish open or an EPT event

    its a gift, so taxable.

    should be treat the same as BIK I guess.

    If they have to play on behalf of the company and don't benefit from it, then that would be different.


  • #3
    bigbadpat
    Registered Users, Registered Users 2 Posts: 405 ✭✭bigbadpat


    Verbal_Kint wrote: »
    Anyone know the tax and legal ins and outs of a director of a company having that company sponsor them into a live tournament such as irish open or an EPT event

    Let me know the name of the company and I will buy it :):)
    provided it is not PPP :P


  • #4
    IrishKestrel
    Closed Accounts Posts: 129 ✭✭IrishKestrel


    Verbal_Kint wrote: »
    Anyone know the tax and legal ins and outs of a director of a company having that company sponsor them into a live tournament such as irish open or an EPT event

    The simple answer is, as stated earlier, that it would be treated as a Benefit In Kind.


    Unless ........ the company is carrying on a trade which is involved in Poker. Under certain circumstances, it would be possible to sponsor someone into a live tournament.

    Alternatively ......... there are certain limited circumstances where the expense may be treated as a 'marketing' expense of the company.

    Tricky area, Verbal Kint - but a good tax professional should be able to help you come up with a solution - particularly if it is something that would be done on a regular basis. You'll find lots who'll simply say it can't be done, because that is the straighforward answer.

    If it is something that the Company Director is serious about - you can PM me and I'll try to point you in the right direction.


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