Appellant 26 was an accountant by trade and invested in the Collective through a friend who was familiar with a member of the firm organising the whole deal. He understood he was trading in financial instruments and knew that a loan would form the main part of his capital contribution. His investment made a net trading loss of €10,121. However, due to the vagaries and intricacies of the scheme, this appeared on his tax return as a tax adjusted loss of €207,301 in his tax return. It is a high stakes case, and will shone a light on the opaque…

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