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Ireland’s High Court ruled on 27 May 2024 that seeking to reclaim monies paid by Redefine Australian Investments Inc (Redefine Australia) to its lender — Redefine Cyprus, a subsidiary of Brightbay Real Estate Partners Ltd based in the Isle of Man — would in effect require Ireland to give effect to a foreign state’s tax laws, something barred by both case law and the common law. Justice Rory Mulcahy recorded that Redefine Australia was established in 2009 to acquire property securities from an Australian property fund. The company, incorporated in Ireland, obtained a £100m loan from Redefine Cyprus to pursue that objective. Under the loan terms, Redefine Australia was to remit 100% of its adjusted net income as interest, ensuring it generated no profit and would therefore not be liable for Australian capital gains tax. The investments performed, and Redefine Australia returned £56m in total...