Taxman targets foreign holiday homes

PEOPLE buying foreign property are being targeted by the taxman because some purchases are being funded by undeclared income.

Aside from the crackdown on offshore account holders set to yield €1 billion the Revenue Commissioners are also chasing untaxed money used to pay for houses and apartments abroad.

Revenue chairman Frank Daly revealed at the Public Accounts Committee yesterday that tax inspectors are examining the records of estate agents promoting foreign property and looking for tax evasion suspects.