re revenue deadline

R

Rose

Registered User
Messages
112
If a married couple have savings over €100,000 in various accounts, some of it in joint accounts are they liable to notify revenue before 15th Sept. or does the amount go up to €200,000 because they are two separate people. I have looked at revenue website but can't find anything there. Both are pensioners. Any help much appreciated.
 
The only advice I can give you is to contact Revenue directly. This is such an important disclosure, for anyone to second guess what Revenue want could end up being costly to you.
A Revenue HELPLINE is available at;
01-6474818, Monday - Friday.
8.30 a.m. to 4.30 p.m. (inclusive)Enquiries may also be addressed to:
Office of the Revenue Commissioners,
Investigations & Prosecutions Division,
Underlying Tax Project (Interest Reporting),
4th Floor,1 Clanwilliam Court,
Lower Mount Street,
Dublin 2.
 
As advisor says the best course of action to avoid ambiguity is to contact Revenue on the helpline he/she mentions, however did you review the document in the link [broken link removed]? Note 5 refers to "persons" (this is sigular I would assume in the context of the document given that it is aimed at multiple readers) having undeclared tax liabilities ... "which in aggregate held €100,000 or more at any time during the years 2005, 2006 and 2007...".

I think it would be reasonable to assume this would be doubled up for married couples (but I don't think it would mean €200,000 being allocated to the husband if the wife did not have any deposits in her name or where she was not jointly on deposits) given that a single person would benefit from €!00,000. It would be my view that the €100,000 would be non-transferrable between spouses. Perhaps it might be worth speaking with a tax consultant who has previously worked on similar disclosures?

I think you would need to quantify on an individual basis the value of the deposits in each name and then apply the €100,000 test individually. Where one in the marriage has over €100,000 either through jointly held or singly held deposits and if there are a questions hanging over the tax status of the source deposits make the notice of intention to declare and by the deadline of 19 January 2009 make any appropriate payment.

If the monies deposited originally came from a company which the party making the disclosure was operating at the time of the lodgments (at the company is still operational) then it may be possible to treat the lodgements as having been net salary from the company and have the company pay over PAYE and PRSI as appropriate to the Revenue Commissioners instead of having the individuals pay over money from the existing funds. I have previously been involved in a case that used this approach.

If I can be of any more assistance just let me know.


 
I have to agree with MarkMc, if you are in a position that you have to make a voluntary disclosure you need professional advice. Working out what needs to be paid or a settlement figure isn't a straight forward task. As previously stated any slip up in relation to incorrect advice etc., could end up more expensve for you in the end.
 
Great the way somebody has over €100,000 sitting in deposit accounts and won't get professional advice!!

I'd imagine that married person are treated as one for the purposes of the €100,000 limit, sure otherwise you'd have people opening joint accounts in order to increase the threshold to €200,000.

Bet you're wishing you kept it under the matress now!!
 
It is, isn't it.

Iceman732 said:
Great the way somebody has over €100,000 sitting in deposit accounts and won't get professional advice!!
Click to expand...

So from your perspective you think that the €100,000 would be split in 2 with €50K applying to each spouse? That would be inequitable given that a single joe could get the full €100K.

 
Mark,

I agree with your point it woulld be inequitable, but does the limit really matter? Once you've paid your tax and the money is clean does an individual care whether the limit is €10,000 or €100,000? After all Revenue have stated that there not particularly interested in chasing PRSI and Levies, there after dirty money.
 
Iceman,

Never was a truer word spoken when you say that if it is clean (already taxed) the limit is not an issue. However, when you have to ask the question there is an issue otherwise you wouldn't be asking at all so that person needs to speak with a tax consultant who has previously handled voluntary disclosures. The OP should review my post again.


 
Thanks everyone. Just a bit more information, all money was earned by a paye worker and dirt tax was paid on all savings, so does that leave them in the clear with the revenue. One question does dirt tax cover ones liability to the revenue or is it more complicated than that?
 
Once all monies can be accounted for by way of a paper trail there is no need to do anything but I would suggest you contact Revenue on helpline number previously posted just to double check. There is no further tax liability on income other than DIRT, but it is chargeable to PRSI levies.
 
You must log in or register to reply here.
Menu
Log in
Register