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The new property tax is almost upon us and Josephine Fehily of the Revenue Commissioners has stated that the tax will be unavoidable for all property owners. However, it is apparent that tenants will not be liable for this tax.
Surely this stroke of brilliance from the Revenue and Department of Finance leaves a means of avoidance available to those able to take advantage of the tax? It would be simple to set up a business or company in, for instance, the United Kingdom, and transferring ownership of the house to this company. The owners could then pay the company or body based in the UK a nominal sum in rent, thus being able to claim that they are tenants and are not liable to pay the tax.
If this is feasible, one can be sure that the gold circles, movers and shakers and usual glitterati have cottoned on to this loophole some time ago and have set the wheels in motion.
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