Revenue have placed spreadsheets on their website to assist taxpayers in calculating their income tax; CGT or VAT liabilities in relation to their special investigation into deposits. In addition, the actual form for submission of disclosure and amounts due (Form IRP1) is also available.

Taxpayers who have tax issues relating to funds in deposit accounts with an aggregate balance of €100,000 or more must still come forward by 15 September 2008 with a notice of intention to make a disclosure. Actual disclosures and payments are due by 15 January 2009.

The dedicated area of the Revenue website which deals with the Special Deposit Investigation is available at http://www.revenue.ie/index.htm?/voluntary-disclosure.htm.

Revenue have confirmed that it is concentrating on automatic reporting for deposit accounts and is in the very early stages of looking at automatic reporting by life assurance companies and Government Agencies. In any event a Statutory Instrument will be required before automatic reporting is further extended.

When the reporting requirement for Deposit Accounts was announced last month, the Revenue Commissioners' press release ended with: “Further proposals: The Revenue Commissioners are developing further proposals to extend automatic reporting to payments made by life assurance companies, collective funds, Government Departments and other Government agencies (including An Post).”