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 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.

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