The Eagle has Landed

Today the Public Accounts Committee’s looking into the potential underselling of Project Eagle (NAMA’s Northern Ireland loan book) by about £200m. What it won’t be looking into is more important.

First, with potential profits of nearly £2bn from Project Eagle, the undersell could be way, way more than £200m.

Second, the purchaser of Project Eagle uses a tax avoidance structure that would allow almost full tax avoidance on that nearly £2bn profit. That’d be about £500m in avoided taxes.

Here’s a short video explaining what’s going on.

 

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