€30m profits may be tax free

STALLION owners could be claiming tax exemption on over €30 million in profits each year, the first figures ever supplied by the Revenue Commissioners indicate.

The figures, based only on a portion of the returns, show that just over €17m in profits and gains qualified for exemption under the tax laws introduced by Charles Haughey in 1969.

However, these figures are only partial as they relate to annual returns for 2004 filed by individuals last October and November, and to corporations which submitted 2004 returns electronically.