The Moriarty Tribunal today heard evidence centering around the tax liability arising out of the transfer of the Abbeville estate in March 1989 by Mr Charles J Haughey and his wife to their four children.
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Mr Charles Haughey
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In order to assess possible liability for gift tax, capital acquisitions tax and stamp duty a value for the property was sought by the Revenue Commissioners.
A value of £750,000 was put on the property by the Haugheys for stamp duty purposes. This valuation for stamp duty purposes, however, was increased to £1.2m for capital acquisitions tax by the valuations office.
Mr John Coughlan SC, for the tribunal, said that in 1980 the Gallagher Building group, wishing to purchase lands from Mr Haughey valued Abbeville at £35,000 per acre, bringing the value of the 227-acre estate to about £8m.
Mr Coughlan said there was evidence to suggest that the Revenue Commissioners were aware of the 1980 deal and asked why this information was not brought to the attention of the capital taxes division who were responsible for making the £1.2m assessment in 1989.
This morning's session was the first since the Tribunal's last sitting on December 22nd.