Irish Finance Minister Charlie McCreevy is currently attempting to close a tax loophole that arose from a previous decision to restrict the transference of capital allowances on properties from companies to individuals.
The Minister apparently learnt that the loophole was being targeted by accountants and tax consultants acting in the interests of property investors. It would have allowed those borrowing large sums in financing property purchases to claim tax relief for interest paid via partnership arrangements or intermediary companies.
McCreevy decided six weeks ago to put an end to the arrangement whereby capital allowances on property could be offset by individuals against their total tax liabilities.
The Ministry of Finance on Wednesday issued a statement on the matter which referred to AIB's Group Treasury building at Dublin's IFSC, the purchase of which would have evaded McCreevy's earlier attempts at closing off this loophole. The statement announced that the Minister was now blocking all attempts to create similar arrangements with immediate effect.
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