Friday 20 September 2019

Children of former billionaire in tax dispute

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Shane Phelan

Shane Phelan

Three children of former billionaire Sean Quinn have become embroiled in a dispute with the taxman.

High Court proceedings have been initiated by Sean Quinn Jr, Ciara Quinn and Colette Quinn against the Revenue Commissioners and the Tax Appeals Commission.

Details of the case have yet to be disclosed, but court records indicate the Quinns want a judicial review of decisions made by both bodies.

The Tax Appeals Commission is an independent body which hears and determines appeals against assessments and decisions made by the Revenue.

According to the website, the case was initiated last Friday.

A request for comment from the Quinn family was not responded to yesterday.

A Revenue spokesman said it could not comment on specific individuals.

Sean Quinn Sr is not a party in the case. In 2008 he was believed to be Ireland's richest person, but within three years he had filed for bankruptcy.

Much of his fortune was lost due to his ill-fated investment in Anglo Irish Bank. At one stage he had an effective 28pc stake in the bank, built up through financial instruments known as contracts for difference. However, he was left with heavy losses when the bank's share price plummeted.

The three children who have taken the case against the Revenue Commissioners and the Tax Appeals Commission are also embroiled in another lawsuit against the IBRC, the successor to Anglo.

They, their sisters Brenda, and Aoife, and mother Patricia allege €2.3bn in loans were given illegally by the bank to prop up its share price.

Irish Independent

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