Friday, September 06 16:53:48
Billionaire tax exile, Denis O'Brien has avoided a E57 million tax bill over the controversial sale of his shares in Esat Digifone when it was sold to British Telecom in 2000.
judge ruled that the billionaire telecoms and media tycoon was living in Portugal when he sold a multi-million holding in phone company Esat Digifone in 2000.
The High Court found that Mr O'Brien's home was in the Algarve not Ireland - and upheld a decision not to hit him with the bill.
It came after Inspector of taxes John Quigley challenged the original ruling in a bid to force an invoice for capital gains tax.
The bill was disputed after Mr O'Brien bought a mansion in one of the most exclusive parts of Dublin, Raglan Road, Ballsbridge, in February 2000, around the time he sold the shares.
The deal saw the media mogul sell a E5.7 million holding in Esat to BT for E285 million.
But Revenue claimed it should have netted E57 million for the State.