Financial cheats face double trouble

DELINQUENT taxpayers, who used life assurance products to dodge tax, could be forced to pay double their original investment to the Revenue Commissioners to clear their tax liabilities, it emerged last night.

Tax specialist Michael Mullins of accountants HLB Nathans said that a tax dodger who invested a lump sum of £50,000 (€63,486) of untaxed income in a life assurance product in 1991 will face a tax bill of at least €139,251 as a result of the latest tax investigation by the Revenue Commissioners.

Mr Mullins said that this bill is made up of tax and PRSI at 55.25% of €35,076, 100% penalty of €35,076 and 197% interest of €69,099.