Finance Bill - what's in the small print for the taxpayer

The state is to impose new taxes on property developers who benefit from debt write-downs or who cut a deal with their banks over their borrowings, writes Ian Kehoe.

Ian Kehoe - avatar

Ian Kehoe

17th February, 2013
Principal officers Brenda McVeigh and Gary Tobin with Derek Moran, assistant secretary, Department of Finance. Photo: Tony O'Shea

The state is to impose new taxes on property developers who benefit from debt write-downs or who cut a deal with their banks over their borrowings. In a move that will increase the tax liability of indebted developers, new legislation is being implemented that will treat write-downs and debt forgiveness as a taxable gain.

The legislation was included in the Finance Bill, which was published last week and which is designed to capture any form...

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