The Supreme Court has held that £250,000 of some £1.8 million paid by Siucre Eireann for shares in Gladebrook held by Mr Thomas Keleghan, a former sales director of Sugar Distributors (Holdings) Ltd, is liable for income tax.
The court was giving judgment on an appeal by the inspector of taxes against a High Court decision that Capital Gains Tax was not payable on a transaction - described yesterday by Mr Justice Murphy as a "deliberate tax avoidance scheme" - by which Mr Keleghan had got £1.8 million for his shareholding in Gladebrook.