A property investment firm offering tax breaks to backers and a rebate business feature on the Revenue Commissioners’ latest tax defaulters’ list.
On Wednesday Revenue said that 19 individuals and businesses paid a total of €6.2 million in tax, penalties and interest in the first three months of this year.
The largest settlement was €1.115 million paid by Birmingham, England-based household goods wholesaler, Lifetime Brands Europe Ltd, for non-declaration of value added tax (VAT).
That included €777,606 in tax due, along with more than €104,000 interest and €233,200 in penalties, the list shows.
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Revenue gave no indication why a British-based business faced a tax liability in this jurisdiction. Lifetime Brands Europe had not responded to a request for comment by the time of publication.
The list also includes SSC Property Irish Collective Asset Vehicle (ICAV), linked to US investor Spear Street Capital, which owns two well-known office complexes in Dublin.
The property developer’s total liability was €648,301 for “under declaration of VAT”. That included €490,926 in tax, just under €17,100 in interest and €140,283 in penalties, the Revenue list shows.
ICAVs offer investors in property and other assets tax breaks, including particular advantages to US residents that allow them avoid some federal taxes.
SSC’s address is given as 10 Earlsfort Terrace, Dublin 2, the offices of law firm Arthur Cox, one of whose solicitors signed the incorporation documents when it was established in June 2017.
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Documents filed with the Central Bank of Ireland, which registers ICAVs, show that one of SSC Property Icav’s original directors was Zachary Resnick, the New York-based managing director of Spear Street Capital.
The US firm owns the Founders’ District office complex at Beechwood in Clonskeagh, Dublin and the Campus, Cherrywood on the city’s southern outskirts.
Neither Spear Street nor Arthur Cox had commented at the time of publication.
Online Tax Rebate Services Ltd, of Heatherview Business Park, Athlone, Co Westmeath, paid €188,206 in total for non-declaration of PAYE, PRSI, USC and VAT.
The tax rebate agent’s headline liability was €101,814, while it paid €10,000 in interest and €77,000 in penalties.
One taxpayer, businessman Illan Power of Ballyconnell, Tullow, Co Carlow, paid a court-determined penalty of €781,061. It was not possible to reach Mr Power for a comment.
The courts determine tax penalties where is no agreement between the Revenue and the taxpayer on a penalty, or a person fails to pay an agreed penalty.
