Tax on Key Money...

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xttt

Guest
I'm negotiating a lease on a restaurant, for which the outgoing tenant is looking for 45k Key Money which does include furniture & certain equipment. I am of course going to try to negatiate a better deal but one of the things he mentioned was the tax he would have to pay of about 20% on the key money he is asking for, leaving him with approx 35k. Is this correct? How is key money treated in the Irish tax system? Would it simply be regarded as income?

Cheers
 
xttt , don't get yourself involved in the tax end unless you are legally obliged to deduct withholding tax!
 
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