Accountancy Partner Who Owns 14 Rental Properties Loses €1.584 Million Income Tax Battle with Revenue Commissioners: Tax Appeals Commission Finds Self-Assessment Tax Returns “Not Correct”

An accountancy practice partner with a portfolio of 14 rental properties has lost a €1.584 million income tax dispute with the Revenue Commissioners. The Tax Appeals Commission found the chartered accountant was liable for the payment, which covered the years 2011, 2012 and 2013. The commission discovered that the partner, who earned a total of €2.72 million over the three years in question, understated profits or gains on his returns, thereby incurring the liability. The accountant’s income that year amounted to €3.17 million, including his rental property portfolio, but he had claimed a tax liability of €219,085 in his Form 11 self-assessment.