List of tax avoidance schemes targeted by Revenue

[Brendan Burgess]

This interesting list is in the C&AG's report

https://static.rasset.ie/documents/news/2018/09/report-accounts-public-services-2017.pdf

 

[Itchy]

What is the income tax losses scheme? What is/are section 248?

 

[Gordon Gekko]

Section 248 involves relief for interest arising on borrowings used to invest in a company.

There were schemes where you borrowed in exotic currencies at really high interest rates with the currency risk hedged and minimal risk in relation to the underlying investment.

The gilts one was a particularly ludicrous one; a tax free gain matched with a close to equivalent loss which (surprise surprise) the investor could then offset against a large gain which just happened to be arising.