Revenue investigation into SPIP

C

CORN DOG

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My mother inherited a single premium life assurance product from my late dad in 2001 and she has now received a letter from the revenue enclsoing a declaration form.

The Single Premium Investment Product was taken out in the early 1990's and was a result of the sale of a factory property, whcih was afaik after tax.

I have attempted to get the sale records from the solicitor who acted in the sale and the bank statements. However, both the solicitor and the bank have confirmed that they do not keep records going back this far.

How should we proceed to confirm that the money is after tax proceeds?

Many thanks
 
You should get independent, professional advice before doing anything and saying anything to Revenue.
 
What amount of investment are we talking about?

As clubman says seeking professional advice is your best bet. I know from experience in dealing with Bogus Non Resident, offshore and SPIP cases that revenue are very approachable in these matters and regularly come across cases where records are missing/lost or where people simply don't remember details. As long as you can confirm that to the best of your knowledge that the money was taxed and get confirmation from your solicitor and bank that the records dont exist it should be ok.

Another option is to contact Revenue and ask them to confirm if they have any record of tax being paid by your mother or father in the early 1990's in relation to CGT. I have dealt with cases where Revenue have been able to confirm tax payments going back to the mid-early 80's. May take a while but it can be done. The other side of this is obviously where people claim that the tax was paid and Revenue subsequently discover that this was not the case. You are then on less than solid ground with Revenue as regards your declaration
 
Is this case anything to do with [broken link removed]? Is this the first the policy holder heard of any need to clarify matters with regard to the investment?
 
You really need to get professional advice, and not just from an independant advisor but one who has experience with the Single Premium Policy roundup that Revenue is undertaking. You need to prepare for the worst. You may well have a significant tax liability and any money you spend now in reducing your liabilty will be well spent.
 
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