Undisclosed off-shore assets and income: Revenue Clampdown


As you may be aware, Revenue are currently operating a “clampdown” on all undeclared off-shore assets. This means that after 30th April 2017, any individual found to have any undeclared foreign assets (i.e. any foreign income including pension income, gains, bank accounts and assets) may be subject to penalties, publication as a tax defaulter and heavy prosecution.

If you have any undeclared foreign assets (i.e. any foreign income including pension income, gains, bank accounts and assets) Revenue is allowing until 30th April 2017 to make an unprompted qualifying disclosure. The benefits of this are as follows:

        1. The penalty for underpaid tax may be substantially reduced: in most cases the penalty will be reduced to 10% of the tax due;

        2. Your name and settlement details will not be published by Revenue in the quarterly list of tax defaulters. This list or parts of it are often included in the national press;

        3. If the disclosure is valid, Revenue will not seek to initiate an investigation with a view to criminal prosecution.

Long & Company are eager to ensure that all our clients are adhering fully to the laws and regulations as set out by the Irish tax legislation, therefore, if you are concerned that you have an undisclosed off-shore asset we will be happy to assist you in the calculation of any tax due and the preparation of a full unprompted qualifying disclosure to the Irish Revenue.

If you require our assistance on the above, please feel free to give us a call or send us an email.

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