A vulture fund that is taking over the mortgage payments of 6,000 people but it will not pay a single penny in tax. They are buying up the mortgages at a ‘distressed’ knock down price – even though the home owners were not allowed any discount. Then they will walk away, tax free.
The latest scandal arises because the PTSB bank is selling off its loan books to a vulture fund known as Glenbeigh Properties for a gross value of €1.3 billion
No one knows who owns the fund as it was only set up two months ago.
Fine Gael is pretending that this vulture fund just happened to find another ‘loophole’ to get tax free profits.
Yet last Finance Minister, Michael Noonan, said he had closed down the Section 110 loopholes after it was found that law firms were helping vulture funds set up fake charity accounts to avoid tax.
He was told there was further loopholes that vulture were finding within days of that announcement. But he deliberately did nothing.
So yet again we have Fine Gael Ministers jacking up the tax take from ordinary PAYE workers – while allowing vultures to fleece this country.