TaxAdministrationIrish accounts under Revenue scrutiny

Irish accounts under Revenue scrutiny

The Inland Revenue is clamping down on UK residents that hold bank accounts in Ireland.

Link: Exit tax may prompt exodus

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.

Related Articles

LITRG urges government to consider tax changes in disability work plan

Administration LITRG urges government to consider tax changes in disability work plan

1d Lucy Skoulding, Reporter
HMRC appeal rejected in Tottenham Hotspur case

Administration HMRC appeal rejected in Tottenham Hotspur case

2w Emma Smith, Managing Editor
HMRC issues updated Trusts Registration Service guidance

Administration HMRC issues updated Trusts Registration Service guidance

2w Emma Smith, Managing Editor
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
Are you ready for the Trusts Registration Service?

Administration Are you ready for the Trusts Registration Service?

3m Helen Thornley, ATT Technical Officer
Advisers bullish despite Brexit concerns

Accounting Standards Advisers bullish despite Brexit concerns

1y Fraser Simpson, Reporter
Brexit: Five questions accountants should be asking

Accounting Firms Brexit: Five questions accountants should be asking

1y Fraser Simpson, Reporter