Tribunal hears Haughey lands were undervalued

The Moriarty Tribunal has heard that it appears land owned by former Taoiseach Charles Haughey was under-valued when being assessed for tax in the 1980s.

Mr Haughey transferred lands at his home in Abbeyville to his children in 1989 at a value of £7m short of its 1980 price tag. Upon transferral, his valuation of £750,000 for stamp duty was increased to £1.2m for capital acquisitions tax.

However, the tribunal has learned that in 1980, lands at Abbeyville were valued at £35,000 per acre, bringing it to a total of £8m.