Last week, I reported on a scheme used by high-net-worth individuals to cut their tax bills through a complex string of transactions that the Revenue Commissioners classified as “unacceptable tax avoidance”. The National Anti-Avoidance Branch of the Large Cases High Wealth Individuals Division unravelled the intricate scheme, which involved share sales to newly minted offshore companies, and then further sell-offs to unrelated third parties. In addition, in some transactions, dividends were also paid to the new company. Yes, it’s complicated, byzantine even. But at its core, the scheme was designed to create artificial losses that could be then used to…

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