Ireland:
High Court Decision Provides Clarity To Foreign Shareholders
08 March 2023
William Fry
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William Fry's Tax Litigation & Disputes team was
involved in a landmark tax case that considered if a Spanish
company's 2016 sale of unquoted shares in an Irish PPP company
was within the charge to Irish capital gains tax. In the recent
High Court case of Cintra Infraestructuras Internacional SLU V
The Revenue Commissioners William Fry acted for Cintra in
defending Revenue's appeal of Tax Appeals Commission
(TAC) determination 75TACD2021. In 2021 the TAC
determined that the 2016 sale by Cintra of shares in Eurolink
Motorway Operations Limited (an Irish PPP company) was not within
the charge to Irish capital gains tax on the basis that the
Eurolink shares disposed of did not derive their value directly or
indirectly from "land in the State" (i.e. Irish land and
buildings).
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