Proceeds of sale v revenue

S

Spud001

Guest
If someone was in dispute with revenue for income tax and was also in the process of selling her home could the proceeds of the sale be at risk?

The home is a marital/family home and as such is protected but the proceeds of the sale are to be used to build a house and as such will sit in a bank a/c for a good period of time.

In such a senario, is it possible that revenue could go after these funds?
 
Its called assets. That is all that house is - it is an asset. If house owner owes money to revenue, then revenue can go after any asset ( including the family home - which is not in any way, shape or form protected from debt) to recover money due. In due course, they could seek to sell the newly built property. They can trace the money if necessary.

Not directed at OP but for everyone else, when did people lose sight of the fact that
(a) debts should be paid
(b) if debts are not paid that creditors can and will go after all assets
(c) a family home has no magical debt free protection zone around it and is as available an asset as anything else?

mf
 
Is it not a case that the most revenue could do would be to get a lean against a family home? Other assets would be different, which is the question.

Would or could revenue actually force the sale of a home?
 
"Would or could revenue actually force the sale of a home?"

Yes. A "home" is still an asset. It really is that simple. There is nothing protected about a home.

mf
 
Perhaps they 'can' but I've never heard of them actually selling a primary residence from under someone. I think it may well be law that they don't make anyone homeless. There are numerous ways of settling with Revenue, instalment agreements etc. If it's sold, then the cash is up for grabs by them of course.
 
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