British property firm sought tax break of up to €65m on Irish deal

The letter was released under the Freedom of Information Act.

The company called on the Government “in the interesting [sic] of fairness and equity” to amend two key sections of the Finance Act “insofar as they impact Henderson Park”. “Henderson Park would hope that a solution can be found . . . to ensure that our constitutional and European law rights are protected, and that Henderson Park does not have to act on the legal advice which it has obtained from Senior Counsel.”Sources indicated that there was still a possibility the company could take a case. A challenge could rest on whether stamp duty changes introduced in the budget were in accordance with European Union law.

A meeting took place between officials and the company in the days following the letter. A record of it was not released under freedom-of-information laws as its disclosure was covered by legal professional privilege and “its disclosure would constitute contempt of court”.targeted the structure of the takeover deal, known as a scheme of arrangement, which involves the cancellation of existing shares and the issuing of fresh stock.

In a statement, Henderson Park said it was committed to the Irish real-estate market in the long term and was establishing a permanent presence in Dublin. It is selling some €400 million of Irish property at the moment, which it said was always part of its long-term strategy.

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