SUPREME COURT FOR RYAN FAMILY

The Revenue is taking a Supreme Court challenge over a scheme used by the wife of Shane Ryan – son of the late Tony Ryan – to minimise tax on the sale of shares, according to The Sunday Business Post.

Lorraine Kinsella sold €19m worth of Ryanair shares in 2003 but paid less than €40,000 in tax in Italy, where she was tax resident (albeit in a ‘tiny apartment’ as noted by Judge Peter Kelly in the High Court). Kinsella took a successful High Court action against the Revenue’s claim she should have been liable for Capital Gains Tax in Ireland.