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.