The Irish Law Society’s Litigation Committee’s attention has been drawn to an instance of an award of €74,500 being lodged in court on behalf of a minor plaintiff in August 2012 that, when paid out of court in June 2013, was reduced to €72,825.44.
The reduction resulted primarily from stamp duty totalling €1,683.60 levied on the investment and the payment out, as well as exit tax on the realised gain.
In instances where an award is made in favour of a minor plaintiff who will shortly attain majority, the Litigation Committee recommends that, in appropriate cases, consideration be given to applying to the court to have the moneys paid to a responsible adult to hold as trustee, rather than having moneys lodged in court.
– a legal news update from Kilkenny law firm Holland Condon
