Yesterday, an interesting bit of newsflow came in from Irish markets-related Kennedy Wilson Europe operations: Setting aside the details of the merger between Kennedy Wilson Inc (U. S. based parent) and Kennedy Wilson Europe (UK and Ireland-based subsidiary), the news have several important disclosures relating to the Irish property markets, Nama and the Irish economy. Consider the following: “Kennedy Wilson Europe Real Estate, which is tax resident in Jersey, pays 25pc tax on taxable profits generated in its Spanish subsidiaries, and it pays income tax at 20pc on rental income derived from its UK investment properties. But the qualifying investor alternative investment funds (QIAIFs) it uses in Ireland to hold its assets were until this year entirely exempt from any Irish taxation on income and gains. The group’s total tax bill last year was 7.3m (8.6m) on profits of 73.3m.”
This post was published at True Economics on Tuesday, April 25, 2017.
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