REVENUE AUDIT CASH FROM COMPULSORY PURCHASE ORDERS

first_imgLandowners who reaped bonanza payments from compulsory purchase orders (CPO) in the Celtic Tiger years can expect a call from the Revenue, a local tax consultant has warned.“Considerable 6 and 7 figure sums were paid out to landowners in recent years when their land was bought under CPOs to build roads and other infrastructure projects. The tax authorities have now started auditing people who received CPO payments to see if they have paid the full amount of capital gains tax due,” said Niall Doherty.Doherty said that whilst some taxpayers may have paid the Capital Gains Tax due in full, others may have returned less than the full amount of Capital Gains Tax due. Additionally, not all taxpayers will have settled the Capital Gains Tax liability on time, and will be exposed to interest on late payment of tax. This interest can mount quite rapidly.Said Mr Doherty: “Nationally, it is believed that 50 audits have already been conducted, with only seven having resulted in a zero tax liability. The investigations have begun in Carlow, Kilkenny, Kildare, Laois, Meath, Tipperary, Waterford, Wexford and Wicklow.“The Revenue has written to the roads managers in all of these counties looking for details of all CPO payments made in recent years. It is likely that given the large number of cases that have resulted in settlements that all Revenue Districts will be reviewing CPOs in the near future.”Niall Doherty Tax Consultants have significant experience in planning for CGT on CPO’s and they are available to meet with anyone who would like to discuss their Capital Gains Tax transactions. Niall Doherty Tax Consultants are located at McKendrick Place Pearse Road Letterkenny. © 2011 donegaldaily.com, all Rights ReservedThe copying, republication or redistribution of donegaldaily.com Content, including by framing or similar means, is expressly prohibited by law.Follow us on www.twitter.com/donegaldailyFollow us on www.facebook.com/donegaldailySell anything on www.donegaldailyclassifieds.com REVENUE AUDIT CASH FROM COMPULSORY PURCHASE ORDERS was last modified: December 16th, 2011 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:CPOinvestigationRevenuelast_img

Leave a Reply

Your email address will not be published. Required fields are marked *