Tag Archives: Michael Noonan

Central Bank governor’s pay 40% higher than US counterpart while deputy governor pay negotiations see €13k cut in salary

IRELAND’S Central Bank chief is being paid significantly more than the head of the equivalent body in the United States, the Federal Reserve. Internal documents deciding upon the salary level for a new Deputy Governor in the bank have revealed that the governor of the Central Bank Philip Lane gets over 40% more than his […]

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Whistleblower warned that abuse of inheritance tax loophole used by the wealthy was about to take off

The Department of Finance failed to act on warnings from a whistle-blower in the “wealth management” industry who told them a loophole in inheritance tax law was being rampantly abused by high-wealth individuals. The unidentified wealth manager had a meeting with officials from the Department of Finance after discovering evidence of suspicious transactions where individuals […]

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Why did Fine Gael government postpone decision on tax loophole used as vehicle for tax avoidance by wealthy individuals?

The Department of Finance decided last year they would not reform a rampantly abused exemption from inheritance tax despite knowing for close to a decade that it has been used for tax avoidance by the wealthy. A specific loophole in Revenue rules allows parents gift valuable properties to sons and daughters without paying any tax […]

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How politicians helped to block plans for all tax hearings to be held in public, despite advice from Revenue

Last year, it seemed as if one area of significant public interest – the hearing of tax appeals against the Revenue Commissioners – was about to become a good deal more public. The Revenue Commissioners were all in favour and made strong arguments that the practice of holding in-camera hearings was out of date, and out […]

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Is the “inheritance tax trap” a myth?

Taoiseach Enda Kenny has plans (according to a Sunday Independent report last week) to slash the inheritance tax bill for most families with a promise to raise thresholds. This would remove most people from that particular tax net. Fine Gael has been coming under increasing pressure from within its own party, from home owners in Dublin, […]

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