Hilarious, Golden Circle now being referred to as "The Golden Shower"

the iceman come

You couldnt make it up,only in Ireland

galwayrush

HAHAH, We should all sing Frank Zappa's Bobby Brown:D

I can take about an hour on the tower of power
long as I gets a little golden shower


Well assholes, your hour on the tower of power is over, you've rode us up the arse long enough, now it's your turn, bend over.:D

Volvoboy

the iceman come wrote: »

You couldnt make it up,only in Ireland

My ma.

Where?

Biggins

Sounds about right seeing as they are just peeing down on us in disregard!

BaconZombie

Why isn't The Panel back on air yet, they would be having a field day with this one.

Mossy Monk

Golden Circle?

AnonoBoy

I don't have any frequent flyer miles let alone enough to qualify for this golden shower of which you speak.

Biggins

Not happy! :mad:

Now they also get €100m in tax breaks !!! What the fcuk! :mad::mad::mad:

Anglo ten in line for €100m in tax breaks
Sunday, February 22, 2009 By David Clerkin and Ian Kehoe

The members of the Anglo Irish Bank ‘golden circle’ will benefit from a €100 million tax break to offset against their future tax bills.

The ten ‘‘long-standing clients’’ of Anglo, who borrowed €451 million from the bank to buy 10 per cent of its shares, will qualify for tax relief on future capital gains, according to tax experts.

The list of ten names is believed to include six or seven property developers. No current or former directors are believed to be among the ten.

The controversial relief arises as the investors will be deemed, for tax purposes, to have incurred huge losses on their Anglo shares - even if they are not required to repay in full the loans they took out to finance their share dealings
As their €451 million investment is now largely worthless, the ten investors will be able to offset losses totalling this amount against any future profits from the sale of shares, investment property or other assets.

Meanwhile, the Office of the Director of Corporate Enforcement (ODCE) is widening its probe into Anglo, after unearthing new evidence that the terms of the secret deal were changed just hours after the state guarantee scheme was introduced. Under current tax rules, there is no time restriction on carrying these losses forward.
That means that the investors will be allowed to generate capital gains worth €451 million in the future without being liable for capital gains tax (CGT). At the current CGT rate of 22 per cent, this right to offset losses will cost the exchequer approximately €100 mill ion if the investors do generate such profits.

This will be in addition to the €300 million that Anglo - which is in state hands after being nationalised last month - expects to write off in relation to the golden circle loans. Senior tax experts, who did not wish to be named, said the ability to offset losses against future CGT bills would not be affected by the investors’ financing arrangements.
The changes, which made the deal more favourable and attractive for some of the new investor s , are al so being investigated by the Financial Regulator.
Both the regulator and the ODCE are assessing the extent to which the loan agreements were altered to establish if it constituted a breach of company law. If the authorities establish that the deal and alteration of the loans constituted a share support scheme, then the individuals who put together the scheme could be subject to prosecution under Irish law.

The government is facing mounting pressure this weekend to name the ten investors. At present, the authorities have not established any legal wrongdoing on the part of the investors. Instead, the focus of their attention is on those who facilitated the deal.

Source: Here

Mingey

Well, they were taking the piss.

Biggins

Mingey wrote: »

Well, they were taking the piss.

Feckin' right they are!

Jeasus - you couldn't make this schite up!

Nodin

Mossy Monk wrote: »

Golden Circle?

Brown Ring.

dresden8

That's an old one. We've been calling them that in work for ages.