TAX INVESTORS GO LEGAL
A group of tax investors in the Portlaoise Heritage hotel are suing their tax consultant and an adviser involved in the deal, says the Sunday Times. The group are examining various legal remedies “on account of their personal recourse to ACC Bank, which funded the four-star hotel, for interest payments totalling over €1million a year”.
The Portlaoise Heritage hotel has been in receivership since June 2010. Experts say it’s unusual for tax investor syndicates to find themselves liable for interest payments in this way.