User:fredkenneally Date:19/02/2008Time:22:06:19Edition:20/02/2008Examiner LiveXX2002 Page:3 Color:
XX1 - V1
Irish Examiner
Wednesday 20.02.2008
The newly restored Christina O and her tender cruising the Mediterranean in 2001.
Revenue challenges tax reliefs on luxury yacht
by Vivion Kilfeather
and Stephen Rogers
THE Revenue Commis-
sioners has challenged a
decision by the Appeals
Commissioner to allow
millionaire Robert “Pino”
Harris to claim €9 million
in income tax refunds
arising from expenditure
on the luxury yacht, the
Christina O.
The developer was part
of a venture partnership
which paid €65m to
purchase and refurbish the
vessel, previously owned
by Greek shipping
magnate Aristotle Onassis,
in 2000.
In the tax year to April 5
2001, Mr Harris claimed
income tax reliefs as a
member of the Christina
O Limited Partnership,
registered in the Cook
Islands.
In his tax return filed in
January 2002, Mr Harris
claimed relief for trading
losses, capital allowances
and interest arising from
the vessel’s purchase and
refurbishment.
In October 2004, the
Appeal Commissioners
decided Mr Harris was
entitled to set off, against
his entire income, capital
allowances and interest
payments arising from the
partnership. They recom-
mended a €9.12m payout.
The case opened before
Ms Justice Laffoy
yesterday.
The Revenue Commis-
sioners have challenged
that decision and also
asked the courts to decide
whether, pending the out-
come of the challenge, Mr
Harris was entitled to
payment of the tax reliefs.
Eoghan Fitzsimons SC,
for the Revenue,
said his clients were
“dissatisfied” with the
Appeal Commissioners
Picture: Getty Images
escort, the yacht was
purchased by shipping
magnate Aristotle Onassis
in 1954. Onassis spent
more than $4m to convert
the ship, which he named
after his daughter, into the
most elegant and advanced
private yacht afloat.
The Christina O was
Onassis’s “floating home”
from 1954 to 1975.
During that time, the
vessel’s guest list was the
ultimate who’s who of
dignitaries and Hollywood
stars, including such
luminaries as Maria Callas,
John Paul Getty, Eva
Robert ‘Pino’ Harris, left, claimed tax relief for the Christina O. Right, original owner Peron, Elizabeth Taylor
Aristotle Onassis and his wife Jacqueline Onassis-Kennedy on the yacht in 1969. and Winston Churchill.
John F Kennedy first met
deter mination. Islands. However, it had a €14.3m as a loan, giving Winston Churchill aboard
The Revenue Commis- problem with his being him just over 4% of the yacht and two of the
sioners had “no problem” able to offset the losses the Christina O Limited most celebrated wedding
that Mr Harris, an Irish against his income. Partnership, counsel said. receptions of the century
resident and taxpayer, When Mr Harris The case continues were held on her decks —
could offset losses against became involved with the today. Prince Rainier to Grace
the partnership, which is venture, he had invested Originally built in 1943 Kelly and Onassis himself
registered in the Cook €144,000 and provided as a Canadian convoy to Jacqueline Kennedy.
Firms fear
fans over
renaming of
Thomond
■ Bidders worried over €40m rights
by Jimmy Woulfe
Mid-West
Cor respondent
THE expected battle for the
naming rights for the
€40 million Thomond Park
has not materialised, with
potential bidders worried
about a potential backlash
from fans.
The Munster branch of
the IRFU announced last
June that it intended to
market the naming rights of
the stadium.
However, while visiting
rugby teams view Thomond
Park with a mixture of awe
and trepidation, it seems the
hallowed ground holds
another kind of fear for
corporate Ireland as plans to
rename the ground, which
has played host to many
historical days, sparked a
torrent of anger among
die-hard fans.
Former rugby great Gerry
“Ginger” McLoughlin at
the time said: “It’s incon-
ceivable. I never would have
expected the name of the
place to change. I don’t
think that any genuine
rugby supporter will ever
call it anything other than
Thomond Park”
Another Limerick rugby
legend, Paddy Reid who
was a member of the 1948
grand-slam winning team
also crash tackled the idea.
Mr Reid said: “It’s noth-
ing short of a disgrace. They
would make a laughing
stock of themselves. You
may as well change the
name of O’Connell Street
or the city itself.”
Pat Whelan who heads
the Thomond Park develop-
NEWS 3
ment committee said noth-
ing has been finalised about
the naming rights of the sta-
dium, which will hold more
than 26,000 when the rede-
velopment is completed
next August.
“We are conscious of the
situation and we are not rul-
ing out retaining the name.
At the moment we are try-
ing to marry the commer-
cial requirement with the
tradition that is associated
with the venue.”
The All-Blacks are being
lined up to play Munster to
mark the re-opening of the
stadium and also mark the
30th anniversary of the
famous Munster defeat of
New Zealand at Thomond
Park in 1978.
Meanwhile, mobile phone
company O2 was among the
front runners last night to
secure the €60m naming
rights deal to Lansdowne
Road. Despite reports
claiming the company was
not interested in bidding,
Paddy Power bookmakers
was offering odds of 4/1 on
O2 securing the deal on the
€365m stadium.
The firm is third in the
betting behind AIB at 5/2
and Eircom at 11/4.
“There aren’t a lot of
companies in Ireland that
can afford to secure the
Lansdowne deal so that
alone narrows it down to a
handful of big names,” said
Paddy Power.
Other companies in the
running include computer
giant Hewlett Packard at
8/1 and Ryanair at 12/1.
Condom manufacturers
Durex were rank outsiders
at 250/1.