€5.8m in tax relief granted to 2,640 artists in 2014

They may have been bitter political rivals, but the late Charlie Haughey has unwittingly done Des O’Malley a favour — by helping the former Progressive Democrat leader save a few euro on his tax bill.

Mr O’Malley, who challenged Haughey’ leadership of Fianna Fáil in the 1980s before going on to form his own party, is among the latest individuals to be granted artist’s exemption from income tax, a scheme Mr Haughey introduced during his time as finance minister in 1969.

Following an adjustment last year, the scheme allows for the first €50,000 of profits or gains earned by artists from the sale of their work to be exempt from income tax.