Ruling enables Revenue to pursue Dublin businessman

A Supreme Court decision has cleared the way for the Revenue Commissioners to continue its pursuit of a number of wealthy taxpayers whom it believes engaged in elaborate “straddle” transactions for tax avoidance purposes.

The issue whether or not the transactions amounted to tax avoidance has yet to be decided by the Appeals Commissioners.

The court’s unanimous decision in the case of Dublin businessman Ronan McNamee has implications for 26 others involved in similar “straddle” transactions involving what the Revenue estimates are total potentially recoverable tax sums of €110m.