Minister moves to close tax loophole

FINANCE Minister Charlie McCreevy has moved to close off a tax loophole which would have allowed wealthy investors to save money.

Mr McCreevy yesterday announced that the closure of the loophole would stop individuals seeking tax relief on borrowed money to fund an investment in companies or property.

The move is believed to have been prompted after it emerged that several individuals could benefit from tax relief by setting up shell companies to make investments rather than as individuals.