Revenue may recoup €110m from scheme to avoid tax

A High Court ruling concerning an alleged tax avoidance scheme could yield up to €110m in tax payments to Revenue from 26 wealthy individuals.

Ronan McNamee, of Temple Rd, Dartry, Co Dublin, unsuccessfully challenged a Revenue opinion notice that certain “straddle” transactions in which he and his wife engaged in 2007 were tax avoidance transactions.

The tax advantage for the McNamees of the complex straddle transaction involving Irish government gilts and foreign exchange finance instruments was that they avoided paying €5.12m in capital gains tax, plus a €1.12m surcharge.