One deal. Two very different interpretations. In the world according to the Irish tax authority, a significant property developer took millions of euro in loans from his company and structured it in a way that ensured there was no tax bill – either through benefit-in-kind or through the payment of corporation tax. Yet, in the world of the company itself, the payment of the loans was not just “simply tainted by illegality” but “rooted in illegality”. As a result, there was no tax exposure to the actual company as it was not the company’s fault. A complicating factor was that…

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