Tax deductibility of Bribes?

[Glenbhoy]

Just watching primetime there, and John Drennan of the Sindo said that it is in Frank Dunlop's interests to lie about how much he paid to politicians, as the higher the figure the lower his eventual tax liability would be. Surely this is total nonsense, the revenue would have to look at this as a non-deductible expense, wouldn't they?
As I understand it Dunlop received money from x,y,z for PR purposes, this was his trade income/professional fees etc, he obviously had numerous legitimate expenses which were deductible as normal, but he also had, ahem, cash expenses which he allegedly distributed to politicians, these can't be deductible (no receipts for a start ), can they??

 

[Stifster]

Re: Tax deductibility of Bribes??

Seems a bit ridiculous alright. As Dunlop couldn't be claiming in respect of those payments now then they only assumption is that the Revenue are investigating the returns he submitted back in the goold old days and are asking questions like "That £50k you claimed as expenses in '84 and that we allowed, you wouldn't happen to have a few receipts still lying around would you?"

 

[setemupjoe]

Re: Tax deductibility of Bribes??

thought you only had to keep records and reciepts for 6 years ,hes a smug git and id love to see him get his cumuppance !