If the crisis and immediate post-crisis budgets of Michael Noonan were designed to entice multinational investment in Irish industry and Irish property assets through staggeringly generous tax reliefs, Paschal Donohoe’s Budget 2020 sought to rein in some of the more aggressive tactics used by the same foreign investors that Noonan so carefully seduced. One of the areas targeted was so-called Irish real-estate funds (Irefs). The regime had been implemented in 2017 following a series of revelations about the accounting structures used by private equity giants and hedge funds to house Irish assets and dramatically reduce their tax bills. However, it…

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