Saturday October 24, 2020

Case studies: Settling your tax debts

Tom invested £25,000 of undeclared income in a single premium policy in June 1990. Example 1:

16th April, 2005

Tom invested £25,000 of undeclared income in a single premium policy in June 1990. What does he owe now? Example 1:

Vat of €5,000 must first be accounted for. Tom had to pay a top rate of income tax in 1990/91 at 53 per cent.

He paid PRSI on his declared earnings up to the contribution ceiling of £17,300, so a PRSI liability does not arise now. However, the 2.25 per cent levies contribution was not subject to an...

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