Man loses tax appeal over plan to ‘flip’ houses and make big profit

Man loses tax appeal over plan to ‘flip’ houses and make big profit

None of the proposed houses were ever built. Stock image. Photo: Getty

A taxpayer who expected to make a profit of €2m from building and “flipping” houses to “big spenders” on a 4.5-acre site in the countryside has been left with a tax bill of €61,281.

The man failed in his appeal at the Tax Appeals Commission (TAC) against a Revenue Commissioners assessment of his tax liability.

He had purchased the 4.5-acre site for €330,000, and funded it by way of a loan in 2005. He then claimed trading losses of €168,120 from 2008 to 2015.

However, Revenue disallowed these, after concluding the man was not carrying on any trade to qualify for trading losses.

Simon Noone, an appeal commissioner, has now upheld that Revenue assess