Cashing in my SSIA !

ranDom_tAsk

i'm cashing in my ssia next week what penalties will i have on my money

my balance is €1651.62

Our man in Havana

23% of the total is the penalty.

€1271.67 is what you will get.

ranDom_tAsk

Bond-007 wrote:

23% of the total is the penalty.

€1271.67 is what you will get.

thanks 007

spongebob

Can you not find a relative to 'take it over' until the end and pay you the full amount now !

Its a bit daft cashing it in if you ask me

LegacyUser

good advice there, think about it, i'm putting in 100 a month, and get 25 free, you'll never get a deal like that again!

alkjdflkajf wrote:

Can you not find a relative to 'take it over' until the end and pay you the full amount now !

Its a bit daft cashing it in if you ask me

ranDom_tAsk

hmmm... yeah your both right, see i've been unemployed since september last (my own decision) and i'm in the first few stages of setting up my own company and it would help get things moving if i had a little more money, but then again i could sell it to my sister and let her take it over...i'll talk to her about it later.

good advice alkjdflkajf thanks

lomb

ranDom_tAsk wrote:

hmmm... yeah your both right, see i've been unemployed since september last (my own decision) and i'm in the first few stages of setting up my own company and it would help get things moving if i had a little more money, but then again i could sell it to my sister and let her take it over...i'll talk to her about it later.

good advice alkjdflkajf thanks

def sell it to a friend or family, dont lose the money.

ROVER

I would not cash it in especially if there is only a year left on it(depending when you opened it). You can stop making payments on it. If you cannot get a friend to take it over it might be cheaper to borrow that money for a year.

RainyDay

alkjdflkajf wrote:

Can you not find a relative to 'take it over' until the end and pay you the full amount now !

To do so would be illegal and would constitute tax fraud. When you opened your SSIA, you signed a form stating that you would fund it from your own resources without recourse to borrowing.

ranDom_tAsk

after talking to my sis yesterday she said shes not interested (i don't think she understands it to be honest :rolleyes: ) so i'm cashing it in tomorrow

ranDom_tAsk

i was talking to a mate tonight and he said he'd buy it off me, he said he left it to late to set one up... but is it possible to change the names over at all rainyday ?

lomb

ranDom_tAsk wrote:

i was talking to a mate tonight and he said he'd buy it off me, he said he left it to late to set one up... but is it possible to change the names over at all rainyday ?

of course u cant change names. he will have to pay u and u will have to have a 'deal' with him.

littlejay

is there this thing going on all year round or was it an offer for a ltd time only?

De Rebel

ranDom_tAsk wrote:

i was talking to a mate tonight and he said he'd buy it off me, he said he left it to late to set one up... but is it possible to change the names over at all rainyday ?

No, absolutly not possible to change names. The regulations on these account are very tight. You have 4 possibilities:

1. Legal - cash it in. Pay the 23% exit tax.
2. Legal - Treat it as fully paid up. Leave the money in the account. Get back what you paid in + the gov contribution +- interest/increase/decrease in value in 1-2 years time on the 5th anniversary.
3. Legal (But only Just). Borrow an amount roughly equal to the amount of the SSIA. Pay the interest on the loan for the next 1-2 years. Pay off the loan when you cash in the SSIA. YOU CANNOT legally use the SSIA as a guarantee for this loan - so the bank may require some other security. But then security is not normal on a loan that size.
4. Totally illegal - Any arrangement that seeks to transfer the ownership or the beneficial owenrship of the account or the money it contains to another person. Avoid.

Given the amount involved and your need for capital, You are probably best off cashing it in and concentrating on your new bsuiness venture. The alternative view is tht you manage without this aditional capital for now, and treat it as a nest egg for the future.

De Rebel

littlejay wrote:

is there this thing going on all year round or was it an offer for a ltd time only?

Limited time only. You had the option of starting an SSIA anytime during the 12 months from April 2001 to March 2002.

ranDom_tAsk

Thanks for all that info De Rebel, i hope that was a copy a paste job... lol

i'll cash it in tomorrow, i just hope i can get there and then cause i hate banks and paper work :rolleyes:

Thanks again De Rebel

RainyDay

ranDom_tAsk wrote:

i was talking to a mate tonight and he said he'd buy it off me, he said he left it to late to set one up... but is it possible to change the names over at all rainyday ?

Must be a very trusting sort of mate. Given that it is illegal for you to 'give' him your account, it will be impossible for him to enforce the deal in anyway. So there is nothing to stop you from holding onto his cash at the end of the 2 years.

But of course, this consitutes tax fraud. If you do go down this road, you forfeit your rights to complain about Haughey, Lawlor, Flynn, Burke and all the other shysters for the remainder of your natural life, given that you've joined their special little club. Could you live with yourself?

gurramok

RainyDay wrote:

But of course, this consitutes tax fraud. If you do go down this road, you forfeit your rights to complain about Haughey, Lawlor, Flynn, Burke and all the other shysters for the remainder of your natural life, given that you've joined their special little club. Could you live with yourself?

I doubt that the poster is a rich millionaire like them in the club and has vested property interests being or not being investigated by the authorities.
ie, the poster is an ordinary joe-soap. (hope so )

ranDom_tAsk

cashed it in on friday

RainyDay

gurramok wrote:

I doubt that the poster is a rich millionaire like them in the club and has vested property interests being or not being investigated by the authorities.
ie, the poster is an ordinary joe-soap. (hope so )

So a little bit of tax fraud is ethically acceptable to you? Funny how most people's moral threshold for tax fraud is just a little bit above the level which they themselves carry out. So Haughey/Burke/Lawlor etc are terrible shysters, but it's OK for me to do nixers for cash or sell off my SSIA (though I note that random_task did the right thing). Bloody Irish hypocracy.

ranDom_tAsk

RainyDay wrote:

(though I note that random_task did the right thing).

cheers rainy day, took 5 mins in the bank

-oRnein9-

ranDom_tAsk wrote:

i'm cashing in my ssia next week what penalties will i have on my money this account was ooened in April 2002

my balance is €5,720.00]

D'Peoples Voice

-oRnein9- wrote:

ranDom_tAsk wrote:

i'm cashing in my ssia next week what penalties will i have on my money this account was ooened in April 2002

my balance is €5,720.00]

the only penalty you will suffer is 23% of your gross amount. you should still get around €4404.

the only advantage you would have by leaving it until May 2007 is that you will only suffer a penalty of 23% of the interest earned.

ButtermilkJack

RainyDay wrote:

So a little bit of tax fraud is ethically acceptable to you? Funny how most people's moral threshold for tax fraud is just a little bit above the level which they themselves carry out. So Haughey/Burke/Lawlor etc are terrible shysters, but it's OK for me to do nixers for cash or sell off my SSIA (though I note that random_task did the right thing). Bloody Irish hypocracy.

I agree, in part. Big difference is we're trying to get the most out of our own money. Shysters (listed above) are trying to get the most out of tax-payers money!!

It would be easy for me to say, "I'll give you €5m of someone elses money if you give me €20k of yours!"

Fact is, they were in charge of 'our' money and they abused that position. SCUMBAGS!

Loughnafooey

ranDom_tAsk wrote:

i'm cashing in my ssia next week what penalties will i have on my money

my balance is €1651.62

Hope the rest of your business decisions are better than this one!
Good luck with the venture tho

JimmySmith

RainyDay wrote:

So a little bit of tax fraud is ethically acceptable to you? Funny how most people's moral threshold for tax fraud is just a little bit above the level which they themselves carry out. So Haughey/Burke/Lawlor etc are terrible shysters, but it's OK for me to do nixers for cash or sell off my SSIA (though I note that random_task did the right thing). Bloody Irish hypocracy.

Rainy day, do you pay for your internet connection through your company? If so do you use it wholly and exclusively for work purposes?

RainyDay

JimmySmith wrote:

Rainy day, do you pay for your internet connection through your company? If so do you use it wholly and exclusively for work purposes?

I've never breached my employer's internet usage policy. If you'd like to give a reference to indicate a Revenue opinion that occasional internet usage at work constitutes a benefit-in-kind, I'll declare the BIK to Revenue. Given that they explicitly confirmed that provision of home broadband facility paid for by my last employer was NOT liable for BIK, I think it's pretty unlikely that they'll treat occasional usage at work as a BIK.

JimmySmith

RainyDay wrote:

I've never breached my employer's internet usage policy. If you'd like to give a reference to indicate a Revenue opinion that occasional internet usage at work constitutes a benefit-in-kind, I'll declare the BIK to Revenue. Given that they explicitly confirmed that provision of home broadband facility paid for by my last employer was NOT liable for BIK, I think it's pretty unlikely that they'll treat occasional usage at work as a BIK.

sshhh, calm down. I was joking.

dingding

ranDom_tAsk wrote:

cashed it in on friday

How much did you get / what did you loose.