Michael Noonan to target vulture funds with €50m tax bill
Special purpose vehicles designed to encourage investment are used for tax benefits
Minister for Finance Michael Noonan has signalled plans to bring forward measures restricting so-called vulture funds’ use of tax-efficient structures to hold property
In order to underpin Ireland’s attractiveness for investment post-Brexit, Mr Noonan plans to extend the special assignee relief programme (Sarp), a tax relief aimed at high-paid executives who move to Ireland, by a further three years until 2020. Photograph: Daniel Leal-Olivas/PA Wire
Minister for Finance Michael Noonan has signalled that he plans to bring forward measures in the upcoming Finance Bill restricting so-called vulture funds’ use of tax-efficient fund structures to hold property.
However, lawyers and accountants believe that the clampdown may not be too severe for funds, as the Department of Finance estimates that the measures will only raise €50 million of tax next year.