IT38 Query

[bottle]

Some great posts and responses in relation to IT38 declarations and CAT.

A friend received a gift in 2001 from a parent, it would have been well below the 80% threshold so wasn't declared at the time.

Her parents have passed away, and she is being asked to declare any gifts. Would anyone know what visibility do Revenue have regarding such a gift at that time?

 

[ClubMan]

Would anyone know what visibility do Revenue have regarding such a gift at that time?

CAT is a self assessed tax and the gift was presumably not notified to Revenue through any other means at the time so ... none? That doesn't eliminate the need to do any necessary tax returns honestly and in good faith.

 

[bottle]

I agree fully, however any idea what visibility Revenue actually have from a transaction that occurred 24 years ago? Thank you.

 

[T McGibney]

Your friend will be the best judge of that.

You should be very wary of assisting him if you have even the slightest suspicion that he may be motivated to evade CAT by failing to declare the previous gift. The aiding or abetting of the making a false tax return is an indictable criminal offence.

 

[bottle]

Thanks and fully understood, but doesn't answer the question asked. Never mind.

 

[T McGibney]

How in all seriousness can we answer it, without knowing any of the context involved surrounding the receipt of the original gift?

 

[ClubMan]

however any idea what visibility Revenue actually have from a transaction that occurred 24 years ago?

none?