Revenue investigation into trusts and offshore structures
Deadline 1 September 2009
An investigation into the tax treatment of funds and assets settled or transferred by persons on / to trusts and offshore structures will commence on 1 September 2009.
Persons who have undeclared tax liabilities in relation to the use of these trust structures - either on the underlying funds and assets, or the profits and gains arising within, or disbursements made out of, the trust structures - now have an opportunity to make a qualifying disclosure to Revenue. Provided the rules are satisfied, you can make a qualifying disclosure and benefit by:
- substantial mitigation of penalties
- non-publication of payment details
- non-prosecution
But you must notify Revenue by 1 September 2009 that you will be making a disclosure.
Further information, including the qualifying disclosure rules, is available at: Trusts & Offshore Structures