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DIRT Tax and what to do if anything!

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  • 10-03-2004 7:08pm
    #1
    MrsL
    Closed Accounts Posts: 2 ✭


    Anyone out there able to advise someone on what to do? let's day a friend of a friend lodged £7000 in 1988 to an offshore account. No more was added and it was withdrawn over the years and finally account closed in 2001. What to do?


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    #2
    monument
    Moderators, Motoring & Transport Moderators Posts: 14,080 Mod ✭✭✭✭monument


    http://www.revenue.ie/


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    #3
    sceptre
    Registered Users Posts: 19,608 ✭✭✭✭sceptre


    This would be a question better asked on the Business/Economy/Finance board.

    I'd keep my gob shut and hope no-one found out.

    Having said that, I wouldn't have opened an offshore account for 7 grand (not that I currently have that kind of money) in the first place - the savings would have been a pittance compared to the potential risk. The minimax rule would dictate that it wouldn't be worth the risk for the small rewards. Then, even if I had I'd have taken the amnesty (especially the "last one ever") and paid my back tax like an honest bloke (or at least a relatively honest bloke, I'd rather pay the tax than a tax and a fine and extra interest)

    There's a rumour going around that there may be another amnesty before yet another list is obtained from banks in Northern Ireland, the Channel Islands and the Isle of Man. As far as I know they've already obtained parts of this list from NI and the Isle of Man so I suspect there may be no actual amnesty, it depends whether McCreevy's goons reckon there's more to be ganied from getting the money back into the country rather than just getting the tax and fines. Having said that though, would you take it and pay your back tax even if given the chance? You didn't take the last opportunity.

    Two options: stay schtum or phone the revenue and pay what you owe. If you stay schtum and there's an amnesty you'll have two options again. If you like sleeping at night and don't like the idea of this hanging over you just phone the Revenue and tell them.


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    #4
    ShaneHogan
    Closed Accounts Posts: 67 ✭✭ShaneHogan


    Eh - there is an ethical/moral issue here. Is your only concern 'Will I be caught'? If so, you are really sponging off the rest of us by paying to pay your fair share of tax. No-one likes paying tax - If you don't like the tax laws, feel free to campaign and/or vote to get them changed, but don't rip off the rest of us by paying your fair share.

    It is extremely unlikely that there will be any future amnesty for tax cheats.


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