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2bn duty loophole to remain for developers Advice to the Government has been to allow the loophole to stay because of the downturn in moncler kids the construction sector. The Herald has learned, however, that the situation is being closely monitored and could be swiftly changed moncler t shirt at short notice. The lucrative loophole came to light when one of the country's biggest developers Bernard McNamara used the legitimate taxavoidance scheme to avoid 36m in stamp duty on the 412m purchase of the former Irish Glass Bottle site in Ringsend, Dublin 4. John Lally's Lalco firm is also believed to have used the loophole to avoid paying the 2modd due in stamp duty for the recent purchase of Humewood Castle in Kiltegan, Co Wicklow. The Department of Finance says while a decision was taken not to put measures in place at this stage "the matter can be reviewed at a later date to take into account changing circumstances in the property area". A recent industry survey revealed that over 40pc of all big deals exploited these tax loopholes which are entirely legal. Documents obtained by moncler coats Eddie Hobbs showed that moncler outlet the cost to the Exchequer was running into billions. The loophole involves transferring ownership of company shares in which a building or land is held, thereby paying just 1pc duty as opposed to 9pc. A further taxavoidance scheme involves a longterm transfer of shares as opposed to the sale of the shares, and this can eliminate all stamp duties. Antiavoidance measures were introduced in the 2007 Finance Act but Goodbody Stockbrokers recommended leaving the existing arrangement because changes would risk "exacerbating the downturn in the property market". Labour's finance spokeswoman Joan Burton said she is disgusted Brian Cowen has refused to close the loophole. "It's a total disgrace that he has allowed moncler jacket this to come about but also that he has totally backed moncler jackets uk away from closing the loophole, while he made such a mess of the residential stamp duty," said Ms Burton..
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