Belfast Telegraph

Tax-dodging developers feel heat

Irish revenue officials are investigating the tax affairs of dozens of property developers - after being tipped off by Nama.

Nama is working with around 800 developers as it attempts to return money to the Irish taxpayer but is legally obliged to inform the Revenue if it uncovers any evidence of tax laws being broken.

More than £3.3bn of Irish Nama loans are secured on assets in Northern Ireland, covering an estimated 150 different firms and individuals.

Nama confirmed that it had alerted the Revenue Commissioners to potential tax breaches involving dozens of property developers on its books.

The Revenue said it was now carrying out an investigation that will focus on the company structures used by some of the developers, their off-shore businesses and the transfer of lands to spouses or children as some of these structures and practices may have been used to evade tax.

The Revenue also has the power to find out "who borrowed (the money), as opposed to who appeared to borrow it".

In total, Nama has paid €31.7bn (£26.5bn) for loans originally worth €74bn (£61.8bn) - and now has to recover as much value as possible for the Republic's hard-pressed taxpayers.

Nama's chairman Frank Daly has a salary of €150,000 (£125,000) and a pension of €114,893 (£96,000), earning more than even Nama's highest paid property developers.

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