€500m court battle erupts over tax scheme
Up to 400 high net worth individuals have been targeted by Revenue in a bid to recoup half a billion in taxes and penalties, writes Ian Kehoe.
A €500 million High Court battle has erupted following a move by the Revenue Commissioners to raise tax assessments against 400 high-net-worth individuals who used an elaborate tax scheme to wipe massive sums off their tax bills.
A test case was taken on behalf of the investors last week, arguing that the Revenue investigation into the scheme was illegal. The judicial review proceeded for two days in the High Court.
The Revenue raised assessments against around...
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