Scheme was for tax avoidance, libel trial told
A leading accountant has told the Cooper-Flynn libel trial that the Clerical Medical International investment scheme was clearly for the avoidance of tax.
Des Peelo, who is a member of the Institute of Chartered Accountants in Ireland, said anyone investing in the scheme was taking a major risk.
He said the CMI scheme was not very good, because under the 1974 Finance Act, the Revenue Commissioners could write to the respective banks and seek access to account details.
He added that the tax-free savings scheme operated by An Post in the early 1990s was equally attractive and more convenient.
Ms Cooper-Flynn is suing RTE and Co Meath farmer James Howard for libel, following television broadcasts in 1998.
