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Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Single Premium Insurance Policy Investigation

ICAI understands that the focus of the SPIP is to narrow, following satisfactory responses to the March issue of enquiry letters. Analysis work is still ongoing but based on the current outcomes of this work the position is as follows:

In March some 5,000 letters issued from Revenue to SPIP holders following the voluntary disclosure campaign and analysis of the information provided by the Life Assurance companies on foot of court orders. We gather that these letters elicited a rapid response, in many cases to clarify that the policies were funded from taxed income or gains, or in some cases to confirm that tax settlements had already been made (often on foot of the earlier investigations into Offshore Assets etc.). There was also a number of substantial new settlements on foot of these letters.

Arising from this, it now seems that Revenue are unlikely to proceed with further bulk issues of letters to SPIP holders as had been reported, but instead will issue targeted enquiry letters to a more limited selection of cases. It is also considered unlikely that new bulk enquiries will be made on the basis of a further analysis of policy details which Revenue already have to hand.

We would encourage members to continue to deal with any SPIP related enquiries as quickly as possible, particularly now as it seems that the volume of enquiries directed at taxpayers with no tax issues to resolve will greatly diminish.