Revenue announces Investigation into Trusts and Offshore Structures
The Revenue Commissioners have announced that an investigation into the tax treatment of property, assets and funds settled by persons on foreign and Irish trusts and similar structures will commence on 1 September. Persons who have undeclared tax liabilities in respect of settlements made on trusts or other structures, such as, foundations, establishments, trust enterprises or offshore companies, may avail of the benefit of qualifying disclosure up to the date of commencement of the investigation on 1 September.
Taxpayers who have tax issues relating to these trusts and structures and who wish to avail of the opportunity to make a qualifying disclosure to Revenue will receive the following benefits:
- The penalty for underpaid tax will be substantially mitigated;
- Their name and payment amount will not be published by Revenue in the quarterly list of tax defaulters in Iris Oifigúil;
- Revenue will not seek to initiate an investigation with a view to Prosecution.
Further information, including the qualifying disclosure rules, are available at www.revenue.ie
Taxpayers who are already under enquiry or who come within certain excluded categories are precluded from making a qualifying disclosure.
The deadline date for the submission of a notice of intention to make a qualifying disclosure is 1 September 2009 (the date on which Revenue will commence the investigation).
A full disclosure with all due tax, interest and penalties must be made by 31 October 2009.
[Ends 27/03/09]