Revenue offshore tally over €9m

THE Revenue Commissioners have already collected over €9 million from Irish holders of overseas bank accounts following its latest crackdown on tax evasion.

Irish banks wrote to customers last month warning them to disclose the existence of accounts in Britain, Northern Ireland, the Isle of Man and the Channel Islands, following changes to legislation announced in the Finance Bill earlier this year.

Revenue plans to use new powers to trawl offshore accounts opened by Irish banks. The initiative will determine whether individuals resident in Ireland had stashed money outside the country to evade tax.