Jack Wall (Kildare South, Labour)
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Question 137: To ask the Minister for Finance the progress made to date in regard to the second phase of its investigation into the use of life assurance products for tax evasion, which commenced on 23 May 2005; and if he will make a statement on the matter. [26640/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I am advised by the Revenue Commissioners that they are conducting their investigation into 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 about their problem. This part of the disclosure stage has now been successfully completed and about 10,000 notices of intention to make a disclosure were received from taxpayers of 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. As part of this process Revenue has already contacted and met with representatives of a number of life assurance companies. Revenue will shortly be contacting other life assurance companies. New powers given in the Finance Act 2005 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. Insurance companies have already been contacted in this regard and the powers are now being used. This work will assist Revenue in furthering their investigation through applications to the High Court for information in respect of relevant policyholders.