Investors to expect Revenue inquiry

HOLDERS of single-premium insurance policies, who have had their details released to the Revenue Commissioners, have been urged not to panic by a national accountants body.

People who invested more than €50,000 in a single premium insurance policy between 1990 and 2003 either have, or will, receive a letter from their financial institution notifying them their investment details have been passed to Revenue.

The Association of Chartered Certified Accountants (ACCA) has advised investors in this position that owning a single premium insurance policy is “not a crime” and most “have nothing to worry about”.