Tax avoidance - Defaulters to pay price for tax advice

That folly, or in some cases an arrogance that they would never be caught, could now mean they face prosecution and possibly jail, as well as a bill for interest and penalties up to 300% of the amount outstanding.

This fate, born out of a desire to evade their lawful tax bill, is now a possibility because of sweeping new powers the High Court has given the Revenue Commissioners to pursue shy account holders.

Ironically, they are currently being advised that the taxman has these new powers by the very banks which encouraged them to set up bogus non-resident accounts years ago.