Irish billionaire JP McManus is in a legal bid to try to recover £3.7 million from the US taxman that they withheld from him in gambling winnings four years ago.
At Punchestown festival over the weekend, he was asked how he had won the enormous £11 million total from the ancient board game, from which he quipped ‘be lucky, be lucky, be lucky’.
“You always feel good after winning,” he said and added that his win was a ‘feel-good story’.
The money came over a three day game in November 2012, and McManus’ lawyers have brought a lawsuit for the money withheld, after previously trying to recover the money from the Internal Revenue Service.
He argues that the money is exempt from American taxes under the 1997 double-taxation agreement between the US and Ireland.
The Limerick-man, well known for his involvement in the racing world, was selected for an audit in May 2014 and in August that year his claim for the $5.2 million refund was approved by the IRS.
In September 2014 his claim for the refund was remanded to another department within the IRS for an additional review. Since then, the IRS has taken no further action to repay Mr McManus the refund.