Retired Cork businessman in €6.2m settlement with Revenue

Tuesday 10 December 2013 21.08
Revenue reached 88 settlements with a combined value of €27.6m
Revenue reached 88 settlements with a combined value of €27.6m

A retired company director has had to pay more than €6.2m to the Revenue Commissioners in interest, tax and penalties, according to the latest tax defaulters list.

John Joseph McCarthy, who is listed as formerly resident in Fermoy, Co Cork, reached a settlement in relation to the under-declaration of income tax, capital gains tax and stamp duty.

He was one of 88 cases settled by Revenue in the three months to the end of September, which had a combined value of €27.59m.

The Skeffington Arms in Co Galway also reached a multi-million euro settlement during the period relating to its under-declaration of corporation tax, PAYE and PRSI, stamp duty and VAT.

It paid more than €4.1m in taxes, interest and penalties as part of the agreement.

Meanwhile, Parnell's GAA Club in Coolock, Dublin reached a €101,794 settlement for its under-declaration of PAYE and PRSI.

Andrew Redmond and Sons, a Co Wexford firm now in liquidation, reached a settlement of almost €1.9m relating to the under-declaration of VAT, PAYE and PRSI.

Gerard Clarke, an agricultural contractor with an address in Co Cavan, made a settlement worth over €1.4m.

James Connolly, a pharmacist in Co Kildare, reached a settlement worth more than €1.2m relating to the under-declaration of income tax and capital acquisitions tax.

Patrick Wheelock, a landlord in Co Wexford, reached a settlement worth €1.1m relating to the under-declaration of income tax and VAT.

According to Revenue, four of the 88 settlements announced today related to its investigation into offshore funds. These settlements yielded a total of €1.82m in the period.

A further 266 cases saw court fines being imposed, mainly relating to the failure to lodge returns or the lodging of incorrect returns.

Fines imposed in these cases totalled €548,702.