Trust fund settles €3.25m tax bill

A trust fund based in the Alpine tax haven of Liechtenstein has made a €3.25m settlement with the State over tax affairs.

Fondation Quatre Chevaux with an address in the principality’s capital, Vaduz, was investigated as part of inquiries into offshore deposits.

It was penalised for under-declaration of discretionary trust tax.

Other million-euro settlements published by the Revenue Commissioners in the latest Defaulters’ List include the liquidated firm of John McCarthy Motors, formerly of Fermoy, Co Cork, which settled for €2.59m, as well as property holding firm Keppleson Properties, Hume House, Ballsbridge, Dublin, which settled for €1.27m

Daniel Kelleher was also named on the lists after he became the first person found in breach of tax rules following a joint Department of Social Protection and Revenue investigation.

The architectural salvage agent from Shanakiel in Co Cork made a settlement for €521,638.

Elsewhere, farmer Denis Hayes, from Adamstown, Kilmeaden, Co Waterford, made a settlement worth 907,924 euro with the Revenue for under-declaration of capital gains tax.

Revenue said in the three months to the end of September, 113 taxpayers’ names were published with settlements totalling €21.35m.

Most Read in Ireland