Revenue to target overseas properties

THE Revenue Commissioners has revealed details of the direction its inquiries for its Offshore Assets Group (OAG) will take.

The OAG, which is in the process of tracking down the thousands of individuals who held overseas accounts, has also targeted anyone who purchased property abroad with undeclared income.

Anyone with a home in Spain or France, or anywhere else, must declare how much income they receive from their overseas property or capital gains accrued by selling it.

If not the OAG will use its full powers to track people down and force them to cough up.

Another area of interest for the Revenue in the coming months will be anyone who has a credit card from an institution not in the State and using it in this jurisdiction. A similar probe in the US recently netted €142 million to their tax body.

While these areas are not priority for the Revenue Commissioners, it said its attention will focus in on them soon.