OFFSHORE TRUSTS

The Revenue has received details from the controllers of 62 trusts – which contain 1,000 individuals – in the latest stage of its investigation into offshore trusts, The Sunday Tribune reports.

The voluntary stage of disclosure ended in September 2009 and the Revenue is now going after those who did not make an early settlement on monies owed. All involvement in offshore trusts must be disclosed to the Revenue under the Finance Act 2008.

“Our approach is to get the information, give people a chance to fess up with voluntary disclosure and lighter penalties. [If they don’t] we will chase them and hit them with harder penalties,” said Josephine Feehily, chairman of the Revenue Commissioners.