Dáil Éireann Debate, Tuesday - 28 February 2006
63 Mr. S. Ryan asked the Minister for Finance the amount paid to date to the Revenue Commissioners in respect of settlements made in connection with its investigation into the use of life assurance policies for tax evasion; the progress made to date in regard to the second phase of its investigation which commenced on 23 May 2005; and if he will make a statement on the matter. [7879/06]
Amharc ar fhreagraI am advised by the Revenue Commissioners that arising from this investigation payments totalling €389 million have been made to date.
As the Deputy is aware the Revenue Commissioners are conducting their investigation into the use by taxpayers of life assurance investment products for the purposes of tax evasion in two stages. In the first stage of these inquiries taxpayers who invested undisclosed and undeclared funds in life assurance products were given until 23 May 2005 to advise Revenue of that. That part of the disclosure stage was successfully completed and about 10,000 notices of intention to make a disclosure were received from taxpayers or their agents. Some of these notices were protective. Correspondence was received from others indicating that no liabilities arose.
Revenue formally commenced the second stage of its investigation into the use of life assurance products for tax evasion on 23 May 2005. New powers were provided in the Finance Act 2005 to authorise Revenue officers to examine the records that relate to a class or classes of life assurance policies and policyholders in the course of conducting sampling exercises. Revenue has completed the preliminary work in regard to the use of these new powers and authorised officers are actively engaged in the sampling process. The information gathered in this process and from the voluntary disclosures will be used to ground applications to the High Court for orders directing insurance companies to furnish details on policyholders and policies to Revenue.
