McNamee case shows real cost of Revenue’s tax avoidance clampdowns
“Schroders’ losses” took external expertise and years to unravel
Hailed as an “extremely important judgment” by Revenue chairman Niall Cody, last week’s Supreme Court decision in the McNamee case shows the true cost of reining in sophisticated tax avoidance schemes.
The potential yield to the exchequer in capital gains tax was estimated at €110 million, but “Schroders’ losses” – as it became known to tax inspectors – took external expertise and years to unravel.
Put simply, the...
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