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ARTICLE · 30 MAY 2023

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Irish Real Estate Loans - Recent Case Law

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A recent Irish Tax Appeals Commission (the "TAC") determination (72TACD2023) confirms that loans secured on Irish land are within the scope of Irish capital gains tax.

IrelandTax
William Fogarty
William Fogarty
Andrew Quinn
Andrew Quinn
Lynn Cramer
Lynn Cramer
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A recent Irish Tax Appeals Commission (the "TAC") determination (72TACD2023) confirms that loans secured on Irish land are within the scope of Irish capital gains tax.

This decision is significant for non-Irish resident investors, such as international banks and investment funds, who acquire or sell Irish loans secured on Irish land. These may be Irish real estate loans or corporate loans of a multinational secured over the real estate of the group including Irish land or buildings.

Background

The Irish distressed debt market was the most active in Europe between 2012 and 2016. In 2015 alone, €23.3bn of Irish loans were sold. This was driven by sales of Irish loan books by the National Asset Management Agency (NAMA) and Irish banks. The taxation position of those who acquired these distressed loans was the subject of intense political debate in the years that followed.

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