Revenue targets directors using firms to cut tax

The Revenue Commissioners will this year investigate whether or not businesspeople have been abusing company transactions and share sales to pay themselves at a lower capital gains tax (CGT) rate of 20 per cent, rather than the higher income tax rate

20th January, 2007

The Revenue Commissioners will this year investigate whether or not businesspeople have been abusing company transactions and share sales to pay themselves at a lower capital gains tax (CGT) rate of 20 per cent, rather than the higher income tax rate.

Revenue sources said they wanted to examine what it called ‘‘income substitution’’ - re-categorising income as gains - where directors use companies to take money out of their businesses at the CGT rate of 20...

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