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Capital Gains Tax[No Legal Advice.]

  • 03-03-2008 1:40pm
    #1
    john1963
    Closed Accounts Posts: 271 ✭✭


    I sold a small house i had in cavan recently, it was not our family home. i have had it about 10 years.I think i am liable for a small amount of capital gains tax. If I do not inform the tax office how do they find out. does my solicitor tell them or is there another way for them to find out.


Comments

  • #2
    Imhof Tank
    Registered Users, Registered Users 2 Posts: 2,122 ✭✭✭Imhof Tank


    john1963 wrote: »
    I sold a small house i had in cavan recently, it was not our family home. i have had it about 10 years.I think i am liable for a small amount of capital gains tax. If I do not inform the tax office how do they find out. does my solicitor tell them or is there another way for them to find out.

    Once the deed from you to the purchaser goes into the system - whether for payment of stamp duty or for registration in land registry/ registry of deeds, then the transaction is known to the revenue, and you could be subject to an audit.


  • #3
    john1963
    Closed Accounts Posts: 271 ✭✭john1963


    Imhof Tank wrote: »
    Once the deed from you to the purchaser goes into the system - whether for payment of stamp duty or for registration in land registry/ registry of deeds, then the transaction is known to the revenue, and you could be subject to an audit.

    so the revenue examine all of these transactions and its my responsibility to have declared it?? . How likely is an audit


  • #4
    Imhof Tank
    Registered Users, Registered Users 2 Posts: 2,122 ✭✭✭Imhof Tank


    john1963 wrote: »
    so ............. its my responsibility to have declared it?? .

    Yes


  • #5
    grumpytrousers
    Registered Users, Registered Users 2 Posts: 1,884 ✭✭✭grumpytrousers


    john1963 wrote: »
    so the revenue examine all of these transactions and its my responsibility to have declared it?? . How likely is an audit

    You should assume it's likely and act accordingly. This isn't legal advice, more than 'general cop-on' advice, but as long as your PPS number goes into The System, you're on the radar. Trying to hide in this manner would be ill-advised, and if they get on your case, they'll ride you into next week with interest, surcharges and penalties.


  • #6
    Maximilian
    Legal Moderators, Society & Culture Moderators Posts: 5,400 Mod ✭✭✭✭Maximilian


    OK, looking for tax evasion advice is really, really not allowed. John1963, the only advice you should take here is to declare to the Revenue. They have all manner of ways to find you out. Pay your bloody taxes like the rest of us.

    Thread closed.


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