Revenue yields €37.6m from investigations into ‘high wealth individuals’

The Revenue Commissioners last year yielded €37.6 million from compliance investigations completed by its Large Cases – High Wealth Individuals Division.

The total was yielded from 459 compliance investigations closed in 2022, according to a written Dáil reply provided by the Minister for Finance, Michael McGrath.

A spokesman for the Revenue Commissioners said that of the 459 compliance interventions closed last year, fewer than 10 had a yield of more than €1 million.

Individuals with net assets of €20 million or more, together with relevant related people, fall within the remit of the Large Cases – High Wealth Individuals Division.

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Figures provided by Revenue show the yield of €37.6 million last year was 35 per cent down on the €58.2 million yield recorded from 416 compliance investigations completed in 2021. It compares to a yield of €55.5 million relating to 334 cases for 2020.

The total comprises €30.8 million in tax, €6.1 million in interest and €700,000 in penalties.

The division last year initiated 264 cases, down from 319 cases in 2021.

In his written Dáil reply to Alan Kelly of Labour, Mr McGrath said the Large Cases – High Wealth Individuals Division has responsibility for the management of the tax affairs of high-wealth individuals; the approval and administration of certain pension schemes; and the identification of and challenge to tax-avoidance transactions.

The Revenue spokesman said the division “monitors tax compliance through risk identification, assessment and evaluation programmes and processes that are supported by data analytics and by the interrogation of both taxpayer and third-party information”.

“In line with Revenue’s overall approach to managing compliance, the appropriate intervention is undertaken following appraisal of the risk factors identified in each case,” he added, noting that 125 people work in the area.

The division also deals with non-residents with a significant presence in the country here where they must not spend 183 days or more here in order not to be a tax resident here.

The division was established in 2018.