Time to face the ‘pain in the gain’

Time to face the ‘pain in the gain’

Comment: Those who have sought to avoid tax still have time to settle the matter without penalties or publication

The Finance Act 2014 introduced a settlement opportunity for taxpayers who entered into a tax avoidance transaction on or before October 23, 2014. The opportunity, known as the QAD1 declaration, allows those in dispute with Revenue on tax avoidance matters to settle their tax affairs on a favourable basis.

The QAD1 form is simply a voluntary declaration by a taxpayer who wants finality on long-running argumentation or litigation with Revenue.

Under the QAD1 procedure the taxpayer pays the...

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