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Started by Orchard park, December 27, 2018, 09:15:31 PM

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Orchard park

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

Rossfan

Well done to one and all.
Now let's get cracking on the works at Hyde and Runnabracken.
Davy's given us a dream to cling to
We're going to bring home the SAM

David McKeown

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.
2022 Allianz League Prediction Competition Winner

Itchy

Why didn't they raffle a house in Roscommon

laoislad

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.
When you think you're fucked you're only about 40% fucked.

LooseCannon

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 😂😂

RedHand88

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

Rossfan

Davy's given us a dream to cling to
We're going to bring home the SAM

Orchard park

Sunday night.....not Saturday night my mistake...


Rossfan

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?
Davy's given us a dream to cling to
We're going to bring home the SAM

Orchard park

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

Syferus

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

brokencrossbar1

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?

RedHand88

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?

Rossfan

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 ::)
Davy's given us a dream to cling to
We're going to bring home the SAM