Revenue targets hot money inheritances

PEOPLE who inherited money or property from individuals who invested hot money in life assurance products over the last 25 years face massive tax bills under the Revenue’s latest tax crusade.

Revenue is expected to raise anything between €1 billion to €2bn or possibly more as a result of the new investigation. It will be launched on May 23 into undisclosed tax liabilities, which relate to funds invested in life assurance products. It will cover all years from 1980 onwards.

However, tax dodgers or people who inherited funds from people who did not pay their tax on funds invested in life assurance products have until May 23 next to make full disclosures to the Revenue and avoid the severest of penalties.