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Tax on Settlememt

  • 22-02-2018 2:47pm
    #1
    alps
    Registered Users, Registered Users 2 Posts: 5,193 ✭✭✭


    If you sue someone for damages, is there tax due on the award? Thought that the settlement was retribution for damage incurred, therefore no gain and no tax liability...

    What if you sue someone and settle before the court case...is the tax due then?

    What if you settled for 1.9m?

    😎😎😎😎


Comments

  • #2
    _Brian
    Registered Users, Registered Users 2 Posts: 18,718 ✭✭✭✭_Brian


    alps wrote: »
    If you sue someone for damages, is there tax due on the award? Thought that the settlement was retribution for damage incurred, therefore no gain and no tax liability...

    What if you sue someone and settle before the court case...is the tax due then?

    What if you settled for 1.9m?

    😎😎😎😎

    It depends.
    If your suing for loss of income then technically there is something due, my solicitor told me it’s jever followed.


  • #3
    adam14
    Registered Users, Registered Users 2 Posts: 199 ✭✭adam14


    alps wrote: »
    If you sue someone for damages, is there tax due on the award? Thought that the settlement was retribution for damage incurred, therefore no gain and no tax liability...

    What if you sue someone and settle before the court case...is the tax due then?

    What if you settled for 1.9m?


    😎😎😎😎

    God that's some settlement. Another scandal. IFA still in a mess over the handling of this.


  • #4
    cycle4fun
    Closed Accounts Posts: 418 ✭✭cycle4fun


    Its crazy settlement. Country has gone mad.


  • #5
    whelan2
    Registered Users, Registered Users 2 Posts: 30,216 ✭✭✭✭whelan2


    It is income and is taxable, you dont have to put it all in in one years acoounts you can spread it.


  • #6
    kk.man
    Registered Users, Registered Users 2 Posts: 3,809 ✭✭✭kk.man


    cycle4fun wrote: »
    Its crazy settlement. Country has gone mad.

    Its not a crazy settlement. All these pay-outs are costed and vouched for.

    The starting point here was his yearly salary....its worked off that basis.

    The big issue here was IFA Leaders didn't see an issue with paying this guy a huge sums as a salary.


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