A State-owned racecourse ended up being hit with a Revenue bill of €38,000 in interest and penalties after failing to formalise the paperwork on a land deal. Horse Racing Ireland had agreed a land swap with a local authority for an acre of land near its Leopardstown Racecourse in Dublin. However, the transaction was not properly executed, and the racecourse was forced to pay a Revenue interest and penalties bill on capital gains tax. They were looking for one acre of land held by Leopardstown Racecourse to develop as a car park for the Dublin suburb of Foxrock. “In 2014, the Horse Racing Ireland board approved in principle these arrangements and authorised the executives to proceed to finalise the matter,” the memo said.

Source: Irish Independent June 06, 2021 01:36 UTC