Family building firm member wins €7m legal action

A member of the family behind the house-building firm Shannon Homes has won a legal action which could have resulted in them having to pay millions in capital acquisitions tax (CAT).

The Court of Appeal ruled the High Court was wrong in finding that a son of one of Shannon’s former owners, Joseph Stanley Sr, was not covered by a four-year time limit for assessing him for CAT over a 2007 transfer of the father’s assets to his sons.