Haughey Millions Beyond State's Grasp

national | crime and justice | opinion/analysis Tuesday August 10, 2004 12:03 by Michael Hennigan - Finfacts finfacts at finfacts dot ie 087 2474328

The Haugheys are laughing all the way to the bank!

The Sunday Independent reported last Sunday that the two Senior Counsel who have been investiagting the affairs of former Taoiseach Charles Haughey have each earned more than €4 million to date. Some days earlier, it was reported that Haughey's children were in line for a bonanza of €7.5 million each( €441,198 will be tax free and the remainder will be subject to gift tax of 20%- Mary Harney has argued that the rationale for the cut in the rate of inheritance tax from 40% ``is to make more things happen and to be fairer to those that generate wealth and own wealth in society'').

Haughey received €48 million for his Abbeville estate which he purchased for €250,000 in 1969. He has paid about €6.3 million in taxes and penalties up to mid 2003. The taxes were levied on the extensive money 'gifts' that have been identified. Haughey bought and maintained a property on income far beyond what he was paid as a public official. The boom in property prices allows him to pass on the proceeds to his children. Tribunal lawyers become multimillionaires while investiagting Haughey and the CAB-Criminal Assets Bureau apparently sits idly by.