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Inheritance tax- is it checked

  • 11-08-2014 7:49am
    #1
    femur61
    Registered Users, Registered Users 2 Posts: 1,588 ✭✭✭


    How do revenue know you are paying the right about of inheritance tax? I am filling out my form and calculated it all but a relative said they are not putting in the gain they made on the house they sold. My solicitor said its up to me, surely there is some way they will check? If they can't they are very trustworthy! I don't want to overpay but don't want to underpay as I am sure there are penalties.


Comments

  • #2
    schemingbohemia
    Registered Users, Registered Users 2 Posts: 5,606 ✭✭✭schemingbohemia


    It's self assessment, you are leaving yourself open to serious penalties and liabilities if caught. What are your chances of being caught? Well that's a gamble.


  • #3
    femur61
    Registered Users, Registered Users 2 Posts: 1,588 ✭✭✭femur61


    Yeah, I know its my brother in law on his aunts property and he likes to gamble!


  • #4
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    Let him gamble. Revenue have access to all the information necessary to win the game. He has to hope that they don't put the pieces together. I know that in the past they often did.

    [I'm not sure that we should be using this forum to assist in deciding on how to evade tax.]


  • #5
    femur61
    Registered Users, Registered Users 2 Posts: 1,588 ✭✭✭femur61


    P. Breathnach wrote: »
    Let him gamble. Revenue have access to all the information necessary to win the game. He has to hope that they don't put the pieces together. I know that in the past they often did.

    [I'm not sure that we should be using this forum to assist in deciding on how to evade tax.]

    I am not trying to evade, its my brother in law. I convinced him last night to file correct return - the power of Jack Daniels!


  • #6
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    femur61 wrote: »
    I am not trying to evade, its my brother in law. I convinced him last night to file correct return - the power of Jack Daniels!
    I recognise that you were discussing somebody else's behaviour; my concern was more general, because people outside your immediate circle can also read threads like this.

    Suppose somebody actually knew that the Revenue Commissioners did not ever cross-reference transactions, and shared that information here, then it might give encouragement to people who would like to regard tax-paying as a voluntary activity rather than as an obligation.

    I happen to know that in the past the Revenue did indeed link stamp duty data with taxpayers' personal files. I don't know the current practice, so I cannot give informed advice to those who would like to evade tax (nor would I want to).

    Well done on persuading him to do the right thing.


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