Crackdown on tax breaks for high-earners

TAX breaks for high-earners have been either capped or scrapped in a bid to eliminate what the Minister for Finance called “the phenomenon of tax-free millionaires”.

Mr Cowen said his basic aim was to see that everybody paid an “appropriate amount of income tax relative to their ability to do so” and, in particular, that those on the highest earnings paid a minimum of 20% income tax.

His measures will limit the amount of tax relief that can be claimed from a range of special tax incentives, including those covering pension funds and schemes promoting investment in business, films and property projects such as hotels, holiday homes, student accommodation and multi-storey car parks.