gaaboard.com

GAA Discussion => GAA Discussion => Topic started by: Orchard park on December 27, 2018, 09:15:31 PM

Title: Www.winahouseindublin.com
Post by: Orchard park on December 27, 2018, 09:15:31 PM
The biggest GAA fundraiser ever In Roscommon and possibly nationally finishes up on Saturday night with the draw for the  425k house.

Worth a flutter at 100euro
Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 28, 2018, 09:31:36 AM
Well done to one and all.
Now let's get cracking on the works at Hyde and Runnabracken.
Title: Re: Www.winahouseindublin.com
Post by: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.
Title: Re: Www.winahouseindublin.com
Post by: Itchy on December 28, 2018, 09:34:16 PM
Why didn't they raffle a house in Roscommon
Title: Re: Www.winahouseindublin.com
Post by: laoislad on December 28, 2018, 09:49:39 PM
Quote from: Itchy on December 28, 2018, 09:34:16 PM
Why didn't they raffle a house in Roscommon
No one would have bought a ticket.
Title: Re: Www.winahouseindublin.com
Post by: LooseCannon on December 28, 2018, 11:44:31 PM
Quote from: laoislad on December 28, 2018, 09:49:39 PM
Quote from: Itchy on December 28, 2018, 09:34:16 PM
Why didn't they raffle a house in Roscommon
No one would have bought a ticket.
Itchy wouldn't buy one either way. #Cavanman 😂😂
Title: Re: Www.winahouseindublin.com
Post by: RedHand88 on December 29, 2018, 12:10:29 AM
Quote from: Itchy on December 28, 2018, 09:34:16 PM
Why didn't they raffle a house in Roscommon

1st prize: £100
2nd prize: Meal for two
3rd prize: A house in Roscommon
Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 29, 2018, 02:56:29 AM
Don't give up the day job
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 29, 2018, 11:30:55 AM
Sunday night.....not Saturday night my mistake...

Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 29, 2018, 11:50:12 AM
Quote from: laoislad on December 28, 2018, 09:49:39 PM
Quote from: Itchy on December 28, 2018, 09:34:16 PM
Why didn't they raffle a house in Roscommon
No one would have bought a ticket.
How are things in the under achieving lower reaches?
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 29, 2018, 11:59:33 AM
Quote from: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.

Only stamp and legal fees to vevoaid by lucky winner here... No tax liability at all..

Its a 425k market value house, a huge response to date and I imagine last minute sales will be huge.... shoukd clear 750k profit
Title: Re: Www.winahouseindublin.com
Post by: Syferus on December 29, 2018, 12:54:12 PM
Quote from: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.

Not the first time you've offered dubious legal advice here
Title: Re: Www.winahouseindublin.com
Post by: brokencrossbar1 on December 29, 2018, 01:07:15 PM
Quote from: Syferus on December 29, 2018, 12:54:12 PM
Quote from: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.

Not the first time you've offered dubious legal advice here

Nothing dubious at all you'll find. He poses a question about possible legal and tax implications. As Orchard Park has stated registration fees and stamp duty are payable. There's no immediate immediate tax implication but in the event of a future sale there is a potential tax implication. I'm not an accountant but there's a potential tax liability on the sale of about 33% on the sale value. That's pretty substantial. There also have been a number of test cases in England and the north about the ability to actually have a house as a prize in a raffle like this as there are questions under the gaming legislation about the ability to transfer an asset of this nature but that's another question altogether.

Here,  how's the legal practice going these days?
Title: Re: Www.winahouseindublin.com
Post by: RedHand88 on December 29, 2018, 02:00:33 PM
Quote from: Syferus on December 29, 2018, 12:54:12 PM
Quote from: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.

Not the first time you've offered dubious legal advice here

It's a valid question and one which I've always wondered. Stanp duty is what, 1% of the house in the north? What about rates etc?
Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 29, 2018, 03:05:57 PM
No rates in the 26.
LPT based on 2013 market values for existing houses -not sure about new ones.
Stamp duty 1% of value AFAIK.
But sure don't mind me-just ask the childeen who knows everyrhing ::)
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 29, 2018, 03:48:26 PM
Quote from: brokencrossbar1 on December 29, 2018, 01:07:15 PM
Quote from: Syferus on December 29, 2018, 12:54:12 PM
Quote from: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.

Not the first time you've offered dubious legal advice here



Nothing dubious at all you'll find. He poses a question about possible legal and tax implications. As Orchard Park has stated registration fees and stamp duty are payable. There's no immediate immediate tax implication but in the event of a future sale there is a potential tax implication. I'm not an accountant but there's a potential tax liability on the sale of about 33% on the sale value. That's pretty substantial. There also have been a number of test cases in England and the north about the ability to actually have a house as a prize in a raffle like this as there are questions under the gaming legislation about the ability to transfer an asset of this nature but that's another question altogether.

Here,  how's the legal practice going these days?



CGT only on any increase in value above the 425k and not applicable on a primary residence...

It will be a nice "problem"To have for one lucky person anyways
Title: Re: Www.winahouseindublin.com
Post by: manfromdelmonte on December 29, 2018, 04:03:34 PM
Quote from: Syferus on December 29, 2018, 12:54:12 PM
Quote from: David McKeown on December 28, 2018, 09:31:02 PM
Not meaning to be a begrudger by any stretch of the imagination but I always wondered about these types of things. Particularly in the north. If you win a house do you not still have to fork out the considerable stamp duty. Moreover do you not end up with a hefty tax liability to the point where the prize is far lower than what it cost the organisers in the first place.

Not the first time you've offered dubious legal advice here
Did you actually buy a ticket yourself
Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 29, 2018, 04:44:24 PM
He's been too busy running the Universe! ;D
Title: Re: Www.winahouseindublin.com
Post by: David McKeown on December 29, 2018, 07:36:19 PM
I didn't realise that asking a question about something that's interested me for a while but on which I know nothing about constituted offering dubious legal advice. Maybe that's how I did it previously? Because apparently this isn't the first time.  That's a question and should not be interpreted as a piece of legal advice.
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 29, 2018, 07:53:22 PM
Only onev poster took it as such David.

My advise buy a ticket and hopefully have the issue to deal with first hand. It looks like c12500 tickets currently sold so what the final 24 hours brings in will be interesting
Title: Re: Www.winahouseindublin.com
Post by: David McKeown on December 29, 2018, 08:34:09 PM
Oh best of luck with it. I didn't realise it was still going.
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 29, 2018, 08:39:13 PM
Tomorrow night at 9pm in the Hodson Bay
Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 29, 2018, 11:49:09 PM
If we nett over €750k won't we have done well?
All we need then is AIG to sponsor us...... ::)
Title: Re: Www.winahouseindublin.com
Post by: Cunny Funt on December 30, 2018, 10:06:12 PM
Lucan winner, those dubs win everything. Over 14k tickets sold.
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 30, 2018, 10:20:34 PM
Guts of 950k profit...... A roaring success
Title: Re: Www.winahouseindublin.com
Post by: Rossfan on December 30, 2018, 11:16:34 PM
Mighty effort.
Congrats to the lucky winner and well done RCB and Clubrossie.
14,034 tickets sold.
Title: Re: Www.winahouseindublin.com
Post by: stephenite on December 31, 2018, 07:53:10 AM
Quote from: Orchard park on December 30, 2018, 10:20:34 PM
Guts of 950k profit...... A roaring success

Jaysus - that's a lot of coin, fair play to ye
Title: Re: Www.winahouseindublin.com
Post by: Itchy on December 31, 2018, 09:29:34 AM
Time to trade in the bus for a double decker?
Title: Re: Www.winahouseindublin.com
Post by: magpie seanie on December 31, 2018, 11:10:32 AM
That's a phenomenal success. Well done Roscommon.
Title: Re: Www.winahouseindublin.com
Post by: Lar Naparka on December 31, 2018, 09:57:45 PM
Quote from: Orchard park on December 30, 2018, 10:20:34 PM
Guts of 950k profit...... A roaring success
Well done- it was a gamble I suppose but it was a case of fortune favours the brave.
Title: Re: Www.winahouseindublin.com
Post by: Orchard park on December 31, 2018, 11:25:24 PM
It was a gamble but in fundraising it was probably unusual in appealing to independent non gas neutrals as well as having huge local support.... even 2 weeks ago the final figure woukd have been a pipedream....

Happy New year to one and all. Hope everyone enjoys their sport and enjoys the journey without obsessing on the final destination....