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Wayleave compensation

  • 10-06-2011 10:47am
    #1
    Frank Black
    Closed Accounts Posts: 4,296 ✭✭✭


    Quick query if anyone could help.
    Recently got our PP for a site but conditional on LA putting a pipe through the side prior to us starting the build.
    We've been offered compensation for the wayleave associated with the pipe and I was wondering if this money is subject to tax?
    Any help appreciated.


Comments

  • #2
    muffler
    Registered Users, Registered Users 2 Posts: 46,555 ✭✭✭✭muffler


    Not really a query for this forum but I'll leave it for now to see if anyone has an answer or advice.

    If there's no response I can move it in a day or two to the taxation forum.


  • #3
    archtech
    Registered Users, Registered Users 2 Posts: 1,046 ✭✭✭archtech


    Get them to offset the payment against your development contributions. As for tax liabilities I assume it would be a similar situation to a CPO of land.


  • #4
    rayjdav
    Registered Users, Registered Users 2 Posts: 1,097 ✭✭✭rayjdav


    archtech wrote: »
    Get them to offset the payment against your development contributions.
    :rolleyes:

    That would be a sensible and decent gesture so, therefore, it aint ever gonna happen....:D

    There is no direct reference in the Planning Act with regard to this (ie how you must deal with the compensation) so I can only assume that it would fall under a Capital Gains Tax or similar and be dealt with as such. It really is not a planning matter, more accountancy imho..


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