Group of wealthy investors lose Revenue tax appeals case

A group of wealthy investors have failed in their legal challenge against Revenue’s refusal to allow them to write off losses of several million euro linked to a complex financial transaction.

The Tax Appeals Commission, or TAC, ruled that a scheme in which the 32 individuals invested large sums of money involving a British Virgin Islands-registered firm was specifically designed to generate losses to be written off against tax, rather than to make a profit.