Ahern defends relief schemes costing billions in lost tax

TAOISEACH Bertie Ahern has staunchly defended the controversial tax relief schemes that will end up costing the Exchequer billions of euro in lost taxes.

Under property-based schemes, tax incentives were offered to investors in order to spur development and lift the economy. But there has been widespread anger at the manner in which wealthy individuals availed of the schemes to reduce their tax bills.

High earners also availed of incentives in other areas, such as pension schemes. In two cases, individuals withdrew €25 million lump sums from pension funds without paying any tax.