Appeals body had determined that ‘artificial’ losses were generated for businessman
The Revenue Commissioners argued the Tax Appeals Commission had not erred in law, as the men had said
The High Court has ruled that a determination made by the Tax Appeals Commission against three businessmen that they engaged in tax avoidance over the purchase and sale of millions of euro of contracts linked to Irish treasury stocks in late 2007 – just before the financial crash – cannot stand.
In 2023, the Tax Appeals Commission had determined a series of “contrived transactions” had been arranged for one of the men, John Hegarty, to produce an artificial loss of €35.9m for the purpose of obtaining a tax-relief benefit.
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