Accountancy Partner with 14 Rental Properties Loses €1.584m Income Tax Battle with Revenue Commissioners in Ireland

A partner in an accountancy practice who also owns 14 rental properties in Ireland has lost a €1.584 million income tax battle with the country’s Revenue Commissioners. The Tax Appeals Commission found that the partner, who received €2.72m in income from the practice between 2011 and 2013 and net rental income of €313,380 over the same period on his properties, had significantly understated profits or gains on his self-assessment for the years. The TAC rejected the appellant’s claim that a €457,923 deposit in his account in 2013 was a loan.