High Court rules that Revenue incorrectly treated €6m property loan release as a trade receipt.
The High Court ruled that Revenue was incorrect in treating the release of a €6 million property loan balance as a trade receipt. Mr. Justice Oisín Quinn stated that the writing down of the property's value by Arlum Ltd and carrying forward of losses did not equate to having a deduction allowed for a debt. The loan was obtained in December 2006 to buy 23 acres for a planned residential development but never happened due to the 2007/8 financial crisis.
July 03, 2024
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