Quinn gets tax exemption for his book
IRELAND’S former wealthiest man Seán Quinn, who was jailed over financial misconduct, has been given a tax exemption for his autobiography.
The Revenue’s list of those who benefited from the artists’ tax exemption scheme included the name of the disgraced former billionaire.
His memoir, In My Own Words – which was released last year and sold some 8,350 copies – earned at least €50,000 for Quinn tax-free.
Under the scheme, which the late former taoiseach Charlie Haughey introduced as finance minister in 1969, authors can earn up to €50,000 before being liable for tax.
His book remained just outside the list of the top 10 best-sellers in Ireland last year, according to Nielsen BookScan.
Income earned by writers, composers, and visual artists from the sale of their work is exempt from tax in certain circumstances.
Works can qualify if they are original and creative and are generally recognised as having cultural or artistic merit. Earnings from these works are exempt from income tax, starting from the year in which the claim is made.
There are guidelines on types of artistic works that qualify for tax exemption and setting out the categories of work eligible.
A work can be considered for exemption if it is an original and creative work in one of the following categories: books or other forms of writing, plays, musical compositions, paintings or other similar pictures, and sculptures. The work must be original and creative and have either cultural merit or artistic merit (it does not have to have both).
A non-fiction book may qualify for the scheme if it includes the author’s unique insight into the subject matter and is regarded as a pioneering work, or if it makes a significant contribution to the subject matter by casting new light on it or by changing the generally accepted understanding of it.