Revenue announces Investigation into Life Assurance Products
Revenue has today (11/04/2005) announced it will begin a major investigation into undisclosed tax liabilities which relate to funds invested in Life Assurance Products. The investigation, which will cover all years from 1980 onwards, will begin on 23 May 2005. In the initial phase, the investigation will primarily focus on those whose aggregate investments were €20,000 or greater. All the relevant Revenue Powers, including a new power in the Finance Act 2005 to inspect records held by an insurance company, will be used as the investigation proceeds.
Those who have undisclosed tax liabilities in connection with these investments are being given the opportunity to make a qualifying disclosure, which will allow them to benefit from significantly reduced penalties, not having their name and settlement details published in the media and not being investigated with a view to criminal prosecution. The deadline for those availing of the qualifying disclosure is 23 May 2005. A full disclosure with all due tax, interest and penalties must be made by 22 July 2005. An explanatory leaflet is available from the Revenue website
[Ends 11/04/05]