Irish accounts under Revenue scrutiny
The Inland Revenue is clamping down on UK residents that hold bank accounts in Ireland.
And Big Four firm KPMG, has advised those residents who do possess such accounts to take steps to ensure they are fully compliant with UK tax laws.
The Revenue probes come on the back of investigations by the Irish authorities which have so far seen more than 70,000 people come under scrutiny.
The Revenue has obtained details of bank accounts held in Ireland by UK-based individuals, monies transferred into Trust accounts with the Bank of Ireland in Jersey, and non-resident accounts held through other Irish and UK banks.
‘We cannot emphasise enough the seriousness of this issue,’ said Derek Kelly of the KPMG tax investigation department, saying advice should be sought immediately.