Revenue Investigation of Undisclosed Funds Invested in Life Assurance Products

In April 2005 Revenue announced that an investigation would be initiated into the use by taxpayers of certain types of insurance investments for hiding undeclared profits or gains. In advance of the formal investigation, taxpayers were given the opportunity to come forward voluntarily and provide calculations of outstanding liabilities and pay the relevant amounts.

Revenue then obtained High Court Orders on foot of which insurance companies were asked to write to customers who had not availed of the disclosure scheme advising them of the information to be sent to Revenue. Included with the letters from the insurance companies was a declaration form that compliant taxpayers could complete and return to Revenue to obviate the necessity for further contact.

Where policyholders have not made a voluntary disclosure or completed the declaration form, Revenue are issuing letters enquiring into their tax compliance. The first letters will issue today, 30 March 2007.

On receipt of this enquiry letter, policyholders who have no outstanding tax liabilities and who had not previously completed the declaration form should do so now at the earliest date.

The declaration that a policyholder has no outstanding tax liability must encompass all tax liabilities and does not refer solely to a tax liability relating to a life assurance product.

Policyholders with outstanding tax liabilities, who receive an enquiry letter, should come forward immediately to Revenue and make a full and complete disclosure.

Further Information

A Revenue HELPLINE is available at:

01- 647 4818-Monday to Friday - 8.30 a.m. to 4.30 p.m. (inclusive)

Enquiries may also be addressed to:

Office of the Revenue Commissioners,

Investigations & Prosecutions Division,

Underlying Tax (Insurance Products) Project,

4th Floor,

1 Clanwilliam Court,

Lower Mount Street,

Dublin 2.

Supplies of the Declaration may be requested from the address above.