Revenue bonanza as tax evaders cough up €312m

APPROXIMATELY 4,600 people have paid €312 million to the Revenue Commissioners to avoid prosecution over unpaid taxes on life-assurance products, it emerged yesterday.

Officials confirmed 4,600 tax evaders had come forward during the voluntary disclosure phase of the investment products investigation to declare liabilities.

Revenue investigators are working to identify all the people who used life-assurance products for tax evasion but did not make a voluntary disclosure by the deadline of July 22.