FAO Chartered Accountants

Current Affairs
927

You buy 10ac for 100k
You transfer 1ac to your sister
Notional value of 10k placed on the land i.e pro rated to your purchase price
This is exempt from CAT for your sister as it is under the siblings threshold
The next week there is an oil find declared in the field
The land is worth 1m an ac
The revenue ring your sister up and say the market value was far in excess of the transfer rate you owe us money

Thats obviously an extreme example. Its a risk. But hardly material. You should transfer it to her before she applies for planning id say to limit the risk if you want to

928

Thanks mate. Will do. Could that apply to her getting planning? The adjacent smaller field just sold with planning for 100k afaik (it was about that anyway)

929

Id say in theory, at a stretch, if the revenue were trying to ride you for something else they could argue that

In reality. They wont. If its not worth 100k without planning then why would you value it like that.

Your Solr will engage with a tax expert on your behalf for the transaction for a few hundred euro. This is bread and butter for them.

930

Thanks mate. CCHA as always gave me a good steer (get a solicitor rather than chancing the slightly fluid opinions of lads who largely run tax scams for mnc’s)

1 Like
931

Sound advice

932

perhaps i posted in the wrong thread.

933

In fairness, what would chartered accountants know about tax or pensions?

934

Good to see that swift action has been taken against Sean FitzPatrick.

935

they did better than the ODCE and DPP, i spose.

quick question eile for the accountants: on revenue online, theres a tool that purports to dole out the married couples tax allowances so as to maximise them, is it reliable?

936

Can’t help with that mate.

1 Like
937

A good tool sorts most marriage issues art :grinning_face_with_smiling_eyes:

2 Likes
938

wahey!!

939

Anyone heading along tomorrow?

940

No

941

I haven’t been since 2008.

942

The day the music died.

943

I had sold my soul long before that.

944

I’ll see you there, pal. God willing of course.

What’s the dress code?

945

Black tie.

946

For chartered accountants this is like those nervous moments in the dressing room before an All Ireland Final. A massive day but how will it go? 12.30pm for 1. Do I arrive at 12.30 and go all guns blazing with gung ho mingling, stroll in casually at 1 just before Oliver Callan commences his entertainment or even go for something in between? Will I take the easy option and deviate towards old pals or instead seek out cunts I haven’t spoken to in years? It’s okay to be nervous. I’d be more worried if I had no nerves at all. I just hope I do myself and the profession justice today.

2 Likes