Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.
https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

Tax on Privately Settled Claim

  • 19-08-2016 07:25PM
    #1
    Registered Users, Registered Users 2 Posts: 8


    I sustained an injury due to broken council property and have since received a settlement amount after claiming for expenses associated with the injury. The offer is for more than my expenses provided I sign a waiver that I won't sue basically. I'm happy with all of that as all I really expected was expenses.

    I am wondering if the payment will be subject to tax though. It's not something that has permanently incapacitated me and wasn't settled in court which were the two exemptions I can find on the revenue site. It's not for loss of earnings either so I'm not sure where to find out if I'm liable or not.

    Any help appreciated!


Comments

  • Registered Users, Registered Users 2 Posts: 273 ✭✭Turkish1


    I sustained an injury due to broken council property and have since received a settlement amount after claiming for expenses associated with the injury. The offer is for more than my expenses provided I sign a waiver that I won't sue basically. I'm happy with all of that as all I really expected was expenses.

    I am wondering if the payment will be subject to tax though. It's not something that has permanently incapacitated me and wasn't settled in court which were the two exemptions I can find on the revenue site. It's not for loss of earnings either so I'm not sure where to find out if I'm liable or not.

    Any help appreciated!
    I believe compensation" - for physical/mental damages is exempt from tax.

    Was there a solicitor involved at all? If so, they should more than likely be able to confirm the treatment - and/or speak to a tax advisor


  • Registered Users, Registered Users 2 Posts: 8 TaxqOnClaim


    Thanks for the reply. No solicitor involved - apparently they have a claims department so I just sent in receipts, proof that I suffered a break and that was it.


  • Registered Users, Registered Users 2 Posts: 273 ✭✭Turkish1


    Thanks for the reply. No solicitor involved - apparently they have a claims department so I just sent in receipts, proof that I suffered a break and that was it.

    I would suggest getting professional advice. Should be very straight forward and the cost (if any) would be minimal. They could probably answer on the phone in 5minutes.

    Im far from an expert and i know there are conditions that need to be met for it to be exempt.


  • Registered Users, Registered Users 2 Posts: 8 TaxqOnClaim


    Any recommendations of who from and approximate cost of advice please? The settlement wasn't for huge amounts - nothing like what you would see reported - so I don't want to spend a lot on advice?

    Thanks!


Advertisement