EU green light for tax changes to give Waterford Wedgwood €15m boost

LUXURY goods group Waterford Wedgwood is set to land a €15 million windfall after last week’s decision by the European Commission to give the go-ahead to Irish tax changes introduced in last December’s Budget.

The company had faced a Capital Gains Tax (CGT) bill of €15 million arising from the €205 million sale of its All-Clad cookware subsidiary in the United States earlier this year.

However, the thumbs-up from Brussels for plans to bring in a CGT exemption for Irish companies that sell subsidiaries means the crystal and ceramics manufacturer is likely to keep the money.