Revealed: Nama, the vultures and the Section 110 tax dodge

Correspondence reveals certain bidders told Nama of plans to use loophole

11th September, 2016
Nama headquarters at Treasury Buildings: correspondence (inset) reveals that bidders disclosed their intention to use tax avoidance vehicles to the states toxic loan agency during the sales of debt portfolios Maura Hickey

Bidders for billions of euro worth of Nama loan books disclosed their intended use of controversial tax-minimising Section 110 vehicles to the agency during the bidding process, it has emerged.

Correspondence between Nama and independent TD Stephen Donnelly shows that certain bidders told Nama about their intended use of the vehicles, which have been used by a string of major so-called vulture funds to slash their tax bills.

In the correspondence, which has been seen by...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Jack Dorsey is leaving Twitter but what comes next?

The Big Interview: Brian Stafford, chief executive of Diligent Corporation

Elaine Byrne: Ethics watchdog is a bystander when it comes to misbehaviour

Editorial: Voters reluctant to fork out for full cost of a united Ireland