News Irish News

Thursday 18 January 2018

Taxman probes scheme McIlroy invested in

Irish golfer Rory McIlroy
Irish golfer Rory McIlroy
Paul Melia

Paul Melia

GOLFER Rory McIlroy has said he is "happy" to have invested in a development project which is under investigation by the UK taxman.

The use of lucrative tax-breaks aimed at regenerating large parts of deprived areas is under investigation by HM Revenue and Customs, with six schemes worth up to £450m (€520m) allegedly being probed.

It is alleged that the world's top golfer and other well-known personalities including Manchester United star Wayne Rooney were among hundreds of investors who paid into a scheme allowing them to legally reduce their tax liabilities.

Under the Business Premises Renovation Allowance (BRPA), up to 100pc of the costs of bringing derelict or unused properties back into use could be claimed back from Revenue.

A number of companies are involved in regeneration projects, and a British newspaper has claimed tax officials are concerned that a large part of the funds used to complete the works are loans, and not investments.

Loans do not qualify for tax relief, meaning the amount claimed back may be incorrect.

'The Times' claimed it was aware of 29 schemes under investigation, including one where Mr McIlroy is an investor.

In a short statement, the golfer said the risks of investing had been explained to him. "I am happy with the investment advice received, and the explanation of the risks," he said.

Meanwhile, aspiring golfers can now literally step into Rory's shoes.

Fitzpatricks Shoes on Dublin's Grafton Street has unveiled a special celebrity shoe exhibition to mark St. Patrick's Hospital Foundation's 'Walk in My Shoes' initiative, which provides mental health services to vulnerable young adults.

Fellow golfers Darren Clarke, Padraig Harrington and Paul McGinley have also donated shoes, alongside U2's Adam Clayton, 'Late Late Show' host Ryan Tubridy, snooker player Ken Doherty and Ireland rugby hero Brian O'Driscoll.

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News