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.

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

The Revenue Commissioners is concerned a scheme allegedly involving 26 wealthy individuals here was a tax avoidance scheme that could result in up to €110m tax losses to Revenue, according to documents before the Commercial Court.

A number of business people and company directors have challenged decisions by the Revenue Commissioners disallowing them up to €6.2m on grounds that transactions they engaged in allegedly amounted to tax avoidance measures.