Liz McManus (Wicklow, Labour)
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Question 80: To ask the Minister for Finance if in regard to the Revenue Commissioners investigation into undisclosed funds invested in life assurance products, the number of persons who had made personal declarations prior to the deadline on 23 May 2005; the way in which this compares with the original estimate; the amount paid in settlements to date; if any estimate is available of the likely final amount of payments; and if he will make a statement on the matter. [18278/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised by the Revenue Commissioners that they are conducting their investigation into tax liabilities which relate to undisclosed funds invested in life assurance investment products 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 give notice to Revenue of their intention to make a voluntary disclosure. This part of the disclosure stage has now been successfully completed and about 10,000 persons have notified Revenue that they may have a tax issue. In addition, approximately 2,000 persons have written to Revenue to say that they have no outstanding tax issues. Taxpayers who have tax issues and who decided to elect for this option have until 22 July 2005 to pay their outstanding liabilities.

The Revenue Commissioners have informed me that they had made no estimate of the numbers of notices of intention that might be made by the 23 May deadline but that they are satisfied with the outcome and that significant progress is being been made in their investigation.

It is not possible to give any estimate of the amount that will eventually be yielded by this investigation. To date payments of €2.5 million have been made and following the payment deadline of 22 July for the voluntary disclosure phase it will be possible to give a total figure for that phase. However, there will also be yield from the subsequent follow through investigation of those who did not make voluntary disclosures but this is likely to be spread over some years.