10,000 expected to come forward to Revenue

Up to 10,000 people are expected to disclose hundreds of millions of euro in untaxed income as the deadline for the Revenue Commissioners' latest investigation arrives today.

The investigation is focusing on untaxed income that was channelled into certain life assurance products over the past 25 years.

Today is the deadline for preliminary disclosures and reports this morning said 2,500 people had already come forward to declare a potential tax liability.

The reports said experts believed a total of around 10,000 would make voluntary disclosures and the amount of tax, interest and penalties they face could be up to €1bn.