Offshore account holders face midnight deadline

The deadline for the Revenue Commissioners to receive settlements from offshore tax defaulters passes at midnight.

The deadline for the Revenue Commissioners to receive settlements from offshore tax defaulters passes at midnight.

The original date for the submission of final computations and payments was Friday, May 28th.

It was put back to today, June 10th, following lobbying on behalf of tax practitioners, accountants and other parties who said they needed more time to finalise their clients' liabilities.

The Revenue said its current best estimate is that about 15,000 people are likely to avail of the scheme.

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This compares with the 10,500 who made settlements in relation to bogus non-resident accounts. That issue netted some €500 million for the Revenue from customers and a further €220 million from the banks.

The inquiry into offshore assets has already yielded €150 million from customers of Bank of Ireland Trust Company, Jersey, and Irish Permanent in the Isle of Man. There has been speculation that the final haul could be as large as €1 billion.

The Revenue said a figure for the amount handed over as a result of the current scheme should be available within a few days.

Conor Pope

Conor Pope

Conor Pope is Consumer Affairs Correspondent, Pricewatch Editor