REVUNE BILL EXCESS 200k and jail

M

michaelby1

Registered User
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I purchased a few new apartments a few months before the bust and claimed the vat, with the view of paying the vat back from rental income, which is allowed with the revenue. Unfortunatly I could not rent them out and I am stuck with a bill. I now live in Canada and have my first baby on the way hoping to return to raise her in ireland. How can the revenue pursue me and what are the chances? If i declare bankruptcy what about the revenue bill. How does high profile developers who owe revneue millions not end up in jail?
any adivce would be great
 
Build up a war chest, relocate to the UK first for circa 6 months then go bankrupt in UK. After you are declared bankrupt go to Ireland. Steve Thacher who regularly posts on this website may be of service to you. Do it right and you could be back in Ireland debt free in no time, Unless of course their was some kind of fraud involved.
 
Have you taken tax advice on this?

When you bought the apartments, you claimed the VAT back - this is perfectly legitimate.
When you rented the apartments, you had to charge VAT on the rent and pay that over to the Revenue.
If you have received no rent, then you have no immediate VAT liability.

If you still have the apartments and the mortgages that go with them, you would have to include those in any bankruptcy.

Brendan
 
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