Denouement
After its failure John Donnelly announced his resignation from his publishing company, Ashville Media and was reported as having left Ireland and travelled to Portugal in a move to minimise his tax bill. His business partner Diarmuid Lennon was left as the sole managing director of the company, known for its production of magazines, yearbooks and diaries. Donnelly was said to have taken advantage of the Portuguese tax regime where no capital gains tax is payable on the sale of shares in a company owned for more than twelve months. However Irish residents moving to Portugal must not return to Ireland for five years to avail of this tax saving. A previous example of these savings by an Irish businessman was communications tycoon Denis O'Brien, who is believed to have saved €63 million in capital gains tax when he moved to Portugal in 2000 after selling his mobile telephone, telecommunications and internet company Esat Telecommunications Limited (now BT Ireland) for €292 million.
Read more about this topic: Stars On Sunday
Famous quotes containing the word denouement:
“There is every reason to rejoice with those self-styled prophets of commercial disaster, those harbingers of gloom,
Over the imminent lateness of the denouement that, advancing slowly, never arrives,
At the same time keeping the door open to a tongue-in-cheek attitude on the part of the perpetrators....”
—John Ashbery (b. 1927)