Tax evaders who ‘come clean’ warned

TAX evaders may not get the full benefits of a voluntary settlement with the Revenue Commissioners if they have already paid out on a previous inquiry.

As the Revenue launches a full probe of individuals who hid money in insurance products to evade paying tax, there was a warning yesterday that anyone who has made a settlement on other investigations would not “get the same treatment” even if they come forward voluntarily.

The Revenue says it is giving individuals who have invested more than €20,000 in single premium insurance products six weeks to disclose their intention to make a voluntary settlement in return for a reduced interest and penalty bill. However, those who have made a settlement with the offshore assets, bogus non-resident or Ansbacher inquiries, may not received the full benefit of coming forward.