"In order to determine the correct tax treatment applicable in any circumstance where a compensation payment is made to an individual, each settlement must be analysed on its own facts,” they told me, quite correctly. “Firstly, the nature of the compensation payment itself would need to be determined to establish if it is revenue or capital in nature. The general principles established by legislation, case law and Revenue guidance would then need to be applied to each case based on this analysis.”
That's is part of the reply back from Revenue, but also that they have got no detail of the scheme from Ulster Bank. And until they do they can not determine what tax, if any will apply.
Author then goes on to say that industry people he has spoke with do not believe any tax will apply, unless there is something out of the ordinary with an individuals status. Though that is not a definite.
That's is part of the reply back from Revenue, but also that they have got no detail of the scheme from Ulster Bank. And until they do they can not determine what tax, if any will apply.
Author then goes on to say that industry people he has spoke with do not believe any tax will apply, unless there is something out of the ordinary with an individuals status. Though that is not a definite.