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Land lease arrears

  • 20-05-2015 10:51pm
    #1
    kilk
    Registered Users, Registered Users 2 Posts: 142 ✭✭


    A friend of mine has recently decided to sell some of his land, approx. 8 acres. He is not a farmer and had it leased for around 10 years. However he has never disclosed this income to revenue, I asked him why and he said he never even thought he would have had to, seeing as he was only getting around €400 per year.
    Can anybody advise on how to proceed with this.
    Thanks in advance


Comments

  • #2
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    kilk wrote: »
    A friend of mine has recently decided to sell some of his land, approx. 8 acres. He is not a farmer and had it leased for around 10 years. However he has never disclosed this income to revenue, I asked him why and he said he never even thought he would have had to, seeing as he was only getting around €400 per year.
    Can anybody advise on how to proceed with this.
    Thanks in advance


    • submit revised tax returns for the years to include the land rental
    • also needs to do a CGT return on the sale of the land (date depends when the sale goes/went through)


  • #3
    Sam Kade
    Registered Users, Registered Users 2 Posts: 12,313 ✭✭✭✭Sam Kade


    Why does he have to disclose it?


  • #4
    lakill Farm
    Registered Users, Registered Users 2 Posts: 4,735 ✭✭✭lakill Farm


    Sam Kade wrote: »
    Why does he have to disclose it?

    because that's what tax legislation says


  • #5
    frazzledhome
    Closed Accounts Posts: 6,278 ✭✭✭frazzledhome


    lakill Farm wrote: »
    because that's what tax legislation says

    By all means commit murder but do not run foul of Revenue, they will pin you to the floor with interest and penalties.

    I try my best to be Dept of Ag and Revenue compliant with a greater emphasis on the latter. They will show no mercy


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