EIRCOM ESOT EXTENDED TAX BREAKS

The tax breaks for the Eircom employee share ownership trust (Esot) will be extended beyond their present end date of 2014, according to a report in The Sunday Times.

The trust was looking for assurances from the Department of Finance ahead of any decision to invest €100m in the company that would wipe out €1 billion of its €3.8 billion debt. Although final ratification by the government has yet to be made official, the executive of the trust has been told the extension would be approved.

The trust has distributed €800m tax free to its members over the past ten years and it is understood the exemption could now be extended until 2018.

If you are a member of the Eircom ESOT and are looking for tax and financial advice, contact Anthony Casey at 01 6766 476 for an initial consultation.