Uncle Charlie wrote: » I don't think so they would have noway of knowing what you spend cash on especially in terms of services. Revenue would have no way of knowing where you keep your cash.
Uncle Charlie wrote: » Yes but if you keep cash in the right place its very unlikely to get robbed.
Uncle Charlie wrote: » Its the same as what Denis O'Brien does but when the little man does it they try and say its illegal.
Uncle Charlie wrote: » Mad_maxx wrote: » Your borderline trolling No you just don't live in the real world. There are some people who only deal in cash.
Mad_maxx wrote: » Your borderline trolling
MyStubbleItches wrote: » There are some really innocent folk posting on this thread. Cash is so easy to hide.
Mad_maxx wrote: » If you aim for equity diversification in Ireland, that means having to sell your fund after seven years with a 40% exit tax, U. S etfs are no longer available to be bought and even when they were a few years ago, you had no choice but to take the dividend cash pay out, reinvesting the dividend wasn't an option
Mad_maxx wrote: » That's text book orthodox investment advice, doesn't always apply, this country penalises equity investment in the way it does not with property, a market drop is not a problem unless you are carrying a lot of debt.
McGaggs wrote: » Mad_maxx wrote: » If you aim for equity diversification in Ireland, that means having to sell your fund after seven years with a 40% exit tax, U. S etfs are no longer available to be bought and even when they were a few years ago, you had no choice but to take the dividend cash pay out, reinvesting the dividend wasn't an option Don't you mean 8 years and 41%?
McGaggs wrote: » Mad_maxx wrote: » That's text book orthodox investment advice, doesn't always apply, this country penalises equity investment in the way it does not with property, a market drop is not a problem unless you are carrying a lot of debt. Same taxes on both. Not seeing this penalty you're talking about.
Mad_maxx wrote: » Thank you for correcting me, was a real blow when U. S etfs became unavailable to Irish investors, stuck with the eight year rule now
McGaggs wrote: » Mad_maxx wrote: » Thank you for correcting me, was a real blow when U. S etfs became unavailable to Irish investors, stuck with the eight year rule now Yeah, most of the US ETF providers have EU domiciled versions of their funds and won't produce the newly required documentation for their US versions. Of course, that suits everyone fine, except for our tiny population who are lumbered with Revenue's strange interpretation of ETF taxation.
Mad_maxx wrote: » So you agree that the tax system is not friendly here?
McGaggs wrote: » Mad_maxx wrote: » So you agree that the tax system is not friendly here? I agree that the 5ax system is not friendly. The system for EU domiciled ETFs is ridiculous. I just don't agree that the treatment of shares and property are different. Both are subject to stamp duty, cash flows (rent and dividends) are both taxed as income, and both are subject to CGT on disposal.
sdraobs wrote: » Sorry to go slightly off topic, but i dont want to create a new topic. But is there a point in growing wealth into the future? . it seems with global warming there will be (i) at best tax on wealth, or (ii) at worse chaotic carnage where banks will cease to exist overnight. so one day you have a bank statement saying you have million. the next day the paper will be only useful as toilet paper genuine question- i am considering whether i should save for the future, or spend money now and enjoy the moment.
Mabel White Sander wrote: » Define 'wealth'? It may be cash paper money (subject to dep') or it may be physical bullion (likely to grow with inflation). Or, if the banks 'dissapear' (hvery ighly unlikely), it may be a pallet load of mixed 10yr tinned soups, solar panels and wind-up radio/torches - all ideal for bartering (for anything), in such an event. Replace bank collapse for: solar megastorms, pandemic, asteroid impacts and so on. The answer is balance: spend some, save some, invest some.
Mad_maxx wrote: » Depends how ok you are with being a state dependant
sdraobs wrote: » Mad_maxx wrote: » Depends how ok you are with being a state dependant may be the best choice. spend and enjoy life now. as even if you got nothing when old, the state pays out, what about 20k euro a year etc in pension, medical card, free travel
Mabel White Sander wrote: » Define 'wealth'?
Geuze wrote: » The value of all assets.
AndrewJRenko wrote: » All the people on this list didn't think Revenue would have anyway of finding out what they were up to. They were all convinced that they were so much smarter than the big eejits in Revenue. They were wrong and so are you.https://www.revenue.ie/en/corporate/press-office/list-of-defaulters/index.aspx
All these people thought there cash was safe 'in the right place' at home too.
Unfortunately, there are many ways for these guys to find and get your cash. Unfortunately, the easiest way for them may well be to knock nine kinds of sh1te out of you or your loved one until you decide that the cash isn't that important any more.
This is not a sound basis for your future.
Evading tax IS illegal. Denis has a team of very well paid lawyers and accountants to keep him on the right side of the law. You don't.
dxhound2005 wrote: » Since the thread started off asking about an imaginary inheritance of real money, and we have the end of paper money coming up, how prepared are those with digital currency for the processing of bequeathing their wealth? If it was the case that a computer with a software key was sent to landfill, rendering millions of Euro worth of Bitcoin completely inaccessible, would the same fate befall a fortune where nobody knows the key when the millionaire dies? Maybe that is an urban myth about the computer?
cnocbui wrote: » Paper money wont end in my lifetime. Bitcoin is a pretty good way to pass on a sizeable amount without it getting a haircut.
Mabel White Sander wrote: » Physical cash itself will likely be phased out in the near future, becoming entirely digital/crytpo and so on.
AndrewJRenko wrote: » How will the recipient get to spend their "sizeable amount"?
Uncle Charlie wrote: » AndrewJRenko wrote: » All the people on this list didn't think Revenue would have anyway of finding out what they were up to. They were all convinced that they were so much smarter than the big eejits in Revenue. They were wrong and so are you.https://www.revenue.ie/en/corporate/press-office/list-of-defaulters/index.aspx For every one person Revenue catch there is 100 they don't catch. I know a load of travellers driving 181 and 191 vehicles and who have never worked and don't hide their wealth but the Revenue don't seem interested in going after them. All these people thought there cash was safe 'in the right place' at home too. If you put cash deep under ground it would not be found they still haven't found the generals gold he buried in the Dublin mountains back in the 80s. Unfortunately, there are many ways for these guys to find and get your cash. Unfortunately, the easiest way for them may well be to knock nine kinds of sh1te out of you or your loved one until you decide that the cash isn't that important any more. If they did that I would just give them the small amounts of cash I had in the house and tell them I've no more. This is not a sound basis for your future. It is if you do it right. Evading tax IS illegal. Denis has a team of very well paid lawyers and accountants to keep him on the right side of the law. You don't. You seem to think we have a moral obligation to pay extra tax when the government are biggest criminals in state. If O'Brien and Bono can get away with not paying tax I see no reason why the little man should also try and be as "tax efficient" as possible.
