Invest NI ‘is aware of tax row involving Antrim firm’

Probe: Sam and Julienne McCrea INVEST NI has confirmed that it was aware of the tax arrangements of a Co Antrim company that gave away a building worth millions of pounds to a trust.

It comes as the BBC’s Nolan Show revealed that Springfarm Architectural Mouldings (SAM) Ltd handed over a building valued at £4m to a trust in Mauritius for £1 in order to avoid paying UK tax.

The company said it has fully complied with its obligations to HMRC and there will be no loss to the UK exchequer as a result of its involvement with Mauritian companies. There is no suggestion of any illegality.

The revelations are from documents leaked as part of the Paradise Papers.

SAM Mouldings Ltd is run by Sam McCrea and his wife Julienne.

Lawyers for the McCreas said they would not go into “the sensitive and confidential funding arrangements of their business with the BBC”.

“Our clients have fully complied with their obligations to HMRC, specifically with regards to Mauritian companies. They also say that there will be no loss to the UK exchequer as a result of the Mauritian companies,” the statement added.

They said the BBC allegations around ownership of the trust were “untrue, defamatory and are particularly unpleasant slurs on two people who have brought prosperity and employment to the Antrim area”.

Invest NI is a shareholder in SAM Mouldings Ltd and supported its development.

It was aware of the tax arrangement but said it was a matter for the company and the tax authorities. Invest NI said the company was growing and meeting its repayment schedule.

A spokeswoman for Invest NI said: “Our assistance depends on the viability of the business and the total value added to the Northern Ireland economy.

“As part of our project monitoring and approval procedures of Springfarm Architectural Mouldings Ltd, we were aware of the property transfer in question and this was taken into consideration when approving its most recent project.”