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...

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