Monday May 25, 2020

Revealed: ESB staff got secret €10m deal to avoid USC

Loophole allowed ESB workers to bypass USC on employee share deals

Michael Brennan

Political Editor

9th May, 2015

The government agreed a sweetheart deal in 2011 to allow ESB workers to avoid paying universal social charge (USC) on their company shares.

The move came after intense lobbying by representatives of ESB workers, who will now be able to reduce their tax bills when they sell their shares.

The overall deal, which also applied to some workers in private companies, cost the exchequer €10 million in lost taxes in a full year.

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