Revenue to probe BoI’s Jersey unit

THE Revenue Commissioners will begin a formal investigation into Bank of Ireland’s Jersey offshore banking unit on June 1, a spokesman said yesterday.

It is believed other banks on the island will be targeted as part of the probe.

This investigation will spread to the Isle of Man, another tax haven used by Irish individuals to hide money from the taxman. A tax information exchange agreement between Ireland and the Isle of Man will be finalised shortly.