Northern Ireland

Co Antrim property company in Republic tax settlement

A County Antrim property development firm has made a £3.1m (3.6m euros) settlement with the Republic's tax authorities.

Eassda Ireland which is based on the Antrim Road in Templepatrick was named in the latest official list of tax defaulters.

Eassda Ireland paid £2.2m in back tax and another £900,000 in interest and penalties.

A revenue audit had found an under-declaration of relevant contracts tax.

That is a tax which concerns the payment of subcontractors in the construction industry in .

A related company, Eassda, was placed into administration in November 2009.

At the time the administrator was appointed, the company owed Ulster Bank, Northern Bank and Bank of Ireland a combined £28.6m.

Unsecured creditors were owed a further £1.35m, including £322,744 due to Double R Racing, a Surrey-based motor racing company co-owned by ex-Formula One world champion Kimi Raikkonen.

The company had six housing sites in County Antrim, including locations at Larne and Antrim. In July this year Northern Bank appointed a receiver to a further site in the Village area of south Belfast.

The company also lost control of two golf resorts in the Republic when Irish Nationwide building society called in receivers in July 2010.

The resorts were New Forest Golf Club in Tyrrellspass, County Westmeath and Moyvalley Hotel and Golf Resort in County Kildare. Both are continuing to trade.