Dáil Éireann debate -
Wednesday, 28 Nov 2001

Vol. 545 No. 2

Written Answers. - Revenue Investigations.

Jan O'Sullivan

Question:

46 Ms O'Sullivan asked the Minister for Finance the number of individuals, companies and trusts being investigated by the Revenue Commissioners arising from an inquiry (details supplied); the number of cases in which settlements have been agreed; the total amount paid to date; the number of cases outstanding; and if he will make a statement on the matter. [29963/01]

Minister for Finance (Mr. McCreevy)

I am informed by the Revenue Commissioners that in 1998 they obtained details of 430 cases of investments made under the National Irish Bank – CMI schemes. To date, 296 of these cases have been settled and 134 are still under investigation. Eleven cases are under investigation for possible prosecution through the courts.

Revenue has collected £25.7 million, 32.63 million, in tax, interest and penalties in respect of these cases. This is made up of £19.03 million, 24.16 million, in settled cases and £6.67 million, 8.47 million, in respect of payments on account in cases still under investigation.

Following a further review of their records by National Irish Bank, a supplementary list containing 22 new cases was received by Revenue in April 2001. Of these, 15 cases involve very small sums and are unlikely to involve significant tax. All the additional cases will be investigated as appropriate.

It is understood that the bank has paid compensation to some investors. Revenue has discussed the question of tax liability on the payments with the bank. The Revenue view is that these payments would attract capital gains tax liability and arrangements are being made to collect the tax arising.