The Revenue Commissioners have appealed an Appeal Commissioners’ decision to allow tax relief for the refurbishment costs of the famous yacht, Christina O, against the income of one of the members of a limited partnership that had purchased the yacht. ICAI will report further on the case when the transcript from the case is available.

The Christina O has already been to the Supreme Court in December 2005 when the taxpayer sought repayment of tax after the Appeal Commissioners had found in his favour. The Revenue had challenged this view as they argued that they were entitled to retain the money until all appeals against the Appeal Commissioners’ decision had been heard. The Supreme Court had ruled that the Revenue must repay the taxpayer the tax overpaid.