Cowen urges Il&P to inform clients

FINANCE Minister Brian Cowen has got involved in the row between Irish Life & Permanent (IL&P) and the Revenue over its refusal to write to its 250,000 customers with single premium investments.

It is reckoned that up to €1 billion is due to the Revenue in unpaid taxes and fines due to tax dodging using single premium investments across the industry since 1980.

Unlike the rest of the industry, IL&P refused to write to policyholders informing them that Revenue has put a May 23 deadline for tax cheats to own up.