Last week James Reilly, the Minister for Health, got himself into hot water when his name was published in Stubbs Gazette for unpaid debts. He was part of a syndicate that invested in a nursing home to get tax relief.
He put up £60,000 of his own money (about €76,000). There were 13 members in the syndicate and they raised about €2.25m to set up a nursing home. Apart from what they put in themselves, they borrowed €1.9m from Bank of Ireland.
Five of the original investors, including Dr Reilly, agreed from the start to buy out the others. When they failed to pay they were taken to court, where they were ordered to pay up. With nothing paid, James Reilly’s name appeared in Stubbs Gazette.
This is typical of the type of tax scheme that helped fuel the property bubble and is leading to disputes all across the country as commitments are not honoured. Tax relief for nursing homes is given by way of capital allowances (annual deduction) for expenditure on buildings. Fifteen per cent
I started this Blog to get out of my system the absolute rage that I have for the corrupt politicians and their Banker Buddies. I’m an ordinary guy, married with kids, and have firm opinions of what is right and what is wrong. I’m not afraid to say it even when it makes me unpopular.
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