Belfast Telegraph

UK Website Of The Year

Boom-time financier's regrets over his tax bill exile

By Brian Hutton

Published 10/07/2015

Derek Quinlan told the banking inquiry he misses living in Ireland
Derek Quinlan told the banking inquiry he misses living in Ireland

Boom-time financier Derek Quinlan claims he misses Ireland every day after going into exile to cut his tax bill. The Celtic Tiger deal broker said among his chief regrets are leaving his children behind so he can pay his debts off quicker.

"I have a number of regrets - I'm not living in Ireland," he told the Republic's Banking Inquiry.

"Some of my children live here. It's not by choice. I miss Ireland. Every day."

The founder and former chief of Quinlan Private, which pulled together high-flying investors for property takeovers, said he left Ireland six years ago on the advice of consultants KPMG.

The move, first to Switzerland and then to London, was to reduce his tax bill and allow him repay more of his debts, Mr Quinlan told the Banking Inquiry in Dublin yesterday.

"It was a very, very painful move," he said.

The former tax inspector, who set up Quinlan Private in May 1989, is the first witness in the phase of the inquiry looking at the role of developers in the financial crash.

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph