According to research that I have carried out and to reports in newspapers today, people who lost money on Anglo Irish share will be able to offset their losses against their tax bill over the coming years.

Taxpayers will be understandably outraged to discover that under Irish tax law, it is very likely that the Mysterious Ten investors in Anglo Irish Shares could get tax relief of over €80m on the shares. Labour will be tabling amendment that would prohibit tax payout

Because of the way the Golden Circle deal was structured, investors having acquired shares in the €450mransaction, and whose share value has dropped to close to zero, can legitimately claim tax losses of 22 per cent. These losses can be carried forward indefinitely against other capital profits, which in the case of property developers such as those who have been linked in the media with this transaction, can be immense.

Labour proposes to put forward a series of amendments to the Financial Emergency Measures Bill, currently making its way through the Oireachtas, to prevent such large tax losses being availed of, in view of the fact that the Govt has failed to come clean on this deal.

We will also move an amendment to limit bankers’ pay to the same level as that of Minister for Finance (€250k approx) as we previously proposed when the Bank Guarantee legislation was brought before Dail last October.

Given that emergency legislation provides for the pension levy and cutbacks in the childcare allowance, this Bill is opportunity for Fianna fail and the Greens to address some of the worst anomalies that have emerged in how rich bankers and investors are dealt with, compared to the treatment meted out to ordinary taxpayers.