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Elderly person keeping cash at home

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  • 13-12-2021 8:17pm
    #1
    groober
    Registered Users Posts: 11 ✭


    I was recently asked by an elderly person for help with their finances.

    They have been cashing their state pension (Non-Contributory) for many years, and storing the money at home. This really needs to be lodged, but they are anxious about the following:

    1. When lodged, is there a tax liability? All of the money is from the state pension; they do not have another source of income. If Revenue query it, are they likely to accept the situation, given that the person in question has very little by way of savings in the Credit Union or elsewhere? They do not have a bank account.
    2. The Post Office is the likeliest choice for lodging the sum. Is there a limit to how much can be deposited in a 24 hour period?

    Thanks

    Tagged:


Comments

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    #2
    Pinoy adventure
    Registered Users Posts: 987 ✭✭✭Pinoy adventure


    1-No

    2-No



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    #3
    Atlantic Dawn
    Registered Users Posts: 82,628 ✭✭✭✭Atlantic Dawn
    M


    If it's over €10k in one go or in an ant smuggling run of that same amount they are likely to report it.



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    #4
    L1011
    Registered Users Posts: 68,826 ✭✭✭✭L1011


    https://www.boards.ie/discussion/comment/118316850#Comment_118316850

    It'll be automatically reported.

    However, old person with no other banking lodging a large amount of cash - happens quite a bit I'd guess, easily explainable.



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    #5
    groober
    Registered Users Posts: 11 ✭groober


    Thanks for your help.



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    #6
    dotsman
    Registered Users Posts: 3,636 ✭✭✭dotsman


    And just to be clear about the "reporting", that is not "reporting to Revenue", but simply noted from an Anti Money Laundering perspective. Basically, unless this person is someday viewed by the guards as being someone associated with a drug gang/terrorist org etc, then nobody will do anything with that data.


    There is absolutely nothing wrong with depositing any amount of money, even millions if they have it!



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    #7
    TooTired123
    Registered Users Posts: 2,232 ✭✭✭TooTired123


    Hi. This gentleman is allowed to have €20000 in savings before it affects his non con pension. So if it’s more then that then there will be a consequence. It’s not that he’d lose it all if he has more then that, but his pension will be reduced incrementally depending on how much he has.

    The important thing is to write to the Dept irregardless of how much it is at: State Pension (non-con section)

    Pension Services Office

    College Road

    Sligo

    Send a bank statement and attach a note which includes the gentleman’s PPSN. This will avoid any stress down the road.



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