€1 billion windfall for Revenue

THE Exchequer stood to gain a €1 billion windfall yesterday as the deadline for holders of offshore bank accounts to pay outstanding tax and penalties passed.

Payments were due from the 15,000 tax defaulters who are understood to have made "qualifying voluntary disclosures" before the Revenue Commissioners deadline in March.

These disclosures allowed account holders to cap the level of penalties and interest relating to their unpaid tax. Those who made disclosures will also escape prosecution and the prospect of having their names published on Revenue's list of tax defaulters.