Dennis O Brien High Court decision

One of the few ways to reduce or eliminate your tax liabilities is to be non resident in Ireland at the time that a tax charge crystalises. This is mainly of signfigance for larger tax bills as the costs associated with living or moving abroad may be restricitve unless a lot of money is involved in a tax bill. It also needs astute tax plannng to find a country which will results in a lower tax bill. As highlighted by the following

Denis O’Brien wins High Court case, will not have to pay €57m tax bill
The case focused on whether or not the billionaire businessman lived at a property on Raglan Road in Ballsbridge.
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Image: Niall Carson/PA Archive/Press Association Images

THE HIGH COURT has upheld a ruling by the Revenue Appeals Commissioner that Denis O’Brien is not liable for a €57 million tax bill.

The Inspector of Taxes had argued that the billionaire should pay €56.86 million in Capital Gains Tax on the €284.8 million received when Esat Digifone was sold to British Telecom in 2000.

In her judgement, Justice Mary Laffoy ruled that 6 Raglan Road – which O’Brien bought in 2000 – was not the permanent residence of the businessman during the 2000/2001 tax year.

Under Ireland and Portugal’s Double Taxation Convention, then, O’Brien is not liable for the tax bill.

Justice Laffoy said she was satisfied that the Appeal Commissioner did not adopt a wrong or mistaken view of the law.

She agreed that O’Brien lived in Portugal at the time of the sale. Revenue had argued the point but the Court found the premises were “unavailable for residential use” during June 2000 and February 2002 because of commissioned works.

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Below is a copy of the report showing the performance of some higher risk investments for a client who met the criteria of been open to higher levels of risk in anticipation of a higher return on investment (ROI)


 Risk Analysis Report - 17/06/2008 To: 17/06/2013 - Weekly Frequency - Aligned to Start Date
MoneyMate Rating is calculated at 01/04/2013
Name Perf Ann
Perf Fund Rating Max
Drawdown Risk Profile
SL Synergy UK Smaller Companies 67.512% 10.869% Not Rated -47.765% Not Rated
SL Synergy Euro Smaller Companies 59.112% 9.734% -41.448% Very High Risk
SL Synergy North American Equity 45.995% 7.862% -38.846% High Risk
BOI Life - Smart Funds Davy Geared Hi Yield Fd 25.875% 4.710% -47.489% Very High Risk
BOI Life - Smart Funds Innovator S9 -19.848% -4.328% -49.098% High Risk
Presented by: MoneyMate Limited
The figures shown are based on the following:
Local Currency, Offer to Offer, Gross income re-invested on Ex-dividend date
Past performance is not necessarily a guide to future performance
Risk Free Return: 0%
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