Revenue Commissioners to target stamp duty loophole
The Revenue Commissioners are targeting a loophole used by wealthy property developers to cut millions of euro off their stamp duty liability.
A test case has been taken by the Revenue against Glenkerrin Homes, the property company owned by developer Ray Grehan. If the case is successful, it could have implications for dozens of Ireland’s richest developers who also avail of the loophole.
The scheme uses a number of complex financial transactions, but has the effect of significantly reducing the amount of stamp duty a company pays when it buys a property. The scheme relates...
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