The Last Post: McGann’s €2.3m thank you

The Last Post: McGann’s €2.3m thank you
Gary McGann, former Smurfit Kappa chief executive

The former Smurfit Kappa chief executive will have to pay tax on his whopping gift

Last week’s disclosure that two private equity shareholders paid Gary McGann €2.3 million for his work on the flotation of Smurfit Kappa just before the financial crisis throws up an assortment of intriguing issues concerning how chief executives and other executives are paid at quoted companies.

McGann maintains the payments, made in his view “for personal qualities, and for gratitude, appreciation, admiration and friendship”, were a gift (liable to capital acquisition tax), whereas the Revenue...

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