I think we are talking about this:

http://www.leitrimobserver.ie/news/C...-as.6504714.jp
http://www.independent.ie/national-n...x-2309056.html

For the record, I wanted to do the same, buy supra (Greg's ) and tax it as commercial but it's too much of grey area to make it worthwile. Then Insurance companies don't want to touch this, doe every year instead of nct every two years etc etc.

If you get caught by plod that's not a problem. But if you get caught by customs (seen them many times in Portlaoise and Athlone) you are facing penalty (prob even court case) and paying all arrears in tax since it was changed to commercial. You'd have to prove that you have business (have tools, parts in the back etc etc) to avoid problems.

I read about few done like that, apparently a caged AE86 and bmw M z3 or z4, few supras, legnums, etc etc. There was also big investigation about dealerships importing Aston's and other Jags and taxing them as commercials to avoid VRT. The fines they paid were HUGE. You'll get more info if you google it.