€315m lost due to controversial holiday-home tax breaks

The Exchequer has reportedly lost out on hundreds of millions of euro as a result of controversial tax breaks relating to seaside holiday homes.

Reports this morning said the Seaside Resort Scheme, which allows people to write off the cost of holiday homes by the sea, had cost the State €315m in the past nine years.

The scheme, which has been widely criticised for spurring poorly planned development, was set up by the Rainbow Government in 1996 and subsequently extended by the Fianna Fáil-Progressive Democrats coalition.

The Green Party is reportedly seeking an investigation into the tax break by the Comptroller and Auditor General.