Jockey Spencer makes €102k tax settlement

TOP horse racing jockey Jamie Spencer has been pulled-up by the taxman and has made a €102,855 settlement with the Revenue Commissioners.

Spencer, one time stable jockey to top trainer Aidan O’Brien at Ballydoyle, made the settlement as a result of a audit by the Revenue Commissioners who found he underpaid capital gains tax by €63,728 and added €39,127 in interest and penalties.

The former champion jockey, now based in Newmarket, was one of just 87 names published yesterday by the Revenue in their latest list of settlements.

Two Galway solicitors occupied the top slots on the list.

Barry Fitzgerald, of Kiltartan House, Forster Street, Galway city underpaid tax by €1,078,714, and also paid €1,486,728 in penalties and interest to bring his full settlement to €2,565,442.

Mr Fitzgerald was the subject of a Revenue audit and made the settlement as a result of the under-declaration of income tax, capital gains tax and VAT.

Solicitor Gerard A Moylan, from Lake Road, Loughrea, Co Galway, underpaid tax by €505,093, paid €781,749 in penalties and interest to bring his total settlement to €1,286,842.

His settlement arose as a result of the under-declaration of income tax and revenue bogus non-resident account case.

Cork fisherman Cornelius Minihane, from Curramore, Filane, Castletownbere, underpaid tax by €485,275 and paid €707,568 in penalties and interest to bring his settlement which arose from a Revenue audit and the under-declaration of income tax, to €1,192,843.

There was one other settlement of more that €1 million. Dublin business consultant, Paul McGlade, of 29 Upper Merrion St, Dublin 2, underpaid tax of €559,797, paid €464,388 interest and penalties to make a settlement of €1,024,185.

Fine Gael councillor Anne Devitt, Lispopple, Swords, Co Dublin, underpaid tax by € 29,503, paid interest and penalties of €20,497 to bring her total settlement to €50,000.

The case resulted from a Revenue audit which found under-declaration of income tax and capital gains tax. A Fine Gael spokesman said: “We understand this was an oversight following a period of illness, and that it has been resolved.”

The published settlements of €17.56m reflect a portion only of all Revenue audits and investigations concluded in the three-month period to June 30, 2009.

The total yield from the Revenue audit and investigation programmes settled in the period was €179.40m.