Ned O'Keeffe
Ceist:75 Mr. E. O'Keeffe asked the Minister for Finance when tax relief will be granted to persons (details supplied) in County Cork in respect of an agreed covenant.
Written Answers. - Tax Relief on Covenant.
I have been advised by the Revenue Commissioners that a refund of tax amounting to £890.60 is due to the covenantee in respect of covenanted payments made to him by his father for the years 1988-89, 1989-90 and 1990-91. A cheque in settlement will be issued to him shortly. The appropriate relief is being granted to the father by way of a tax-free allowance.
The deed of covenant executed between the covenantee and his uncle does not meet the statutory requirements. The inspector of taxes is in correspondence with the accountants acting in the case with a view to resolving the matter.