Revenue probes into the tax affairs of “high-wealth individuals” have yielded over €90m in the space of just 18 months, new figures have revealed.
In the first six months of this year, 13 such investigations led to the recoupment of sums in excess of €1m each in tax, interest, and penalties, Revenue said.
Its high wealth and financial services division targets people with net assets of €20m or more.
It is responsible for the management of the tax affairs of these high wealth individuals, taxpayers in the financial services sector, the administration of certain pension schemes, and to identify tax avoidance transactions.
Last year, Revenue launched 498 investigations into such individuals and closed 390 cases, which yielded €57.6m.
This was a 53% increase on the monies recouped in 2022.
And, in the first six months of 2024, it opened a further 387 investigations and closed 214. This yielded €33.1m.
The figures were revealed by Finance Minister Jack Chambers in response to a parliamentary question from Sinn Féin TD Paul Donnelly.
In a statement to the , Revenue said its high wealth division monitors tax compliance through “risk identification, assessment programmes and evaluation processes that are supported by data analytics, and by the interrogation of both taxpayer and third-party information”.
It only takes action when it has assessed what it called the “risk factors” in each case.
“As you will appreciate, this division monitors a broad spectrum of cases in its case base with most entities representing a diverse investment and business portfolio,” it said.
“Over the period from January 2023 to end of June 2024 there were a total of 24 interventions closed by this Division, with yields of over €1m.
“This includes 13 cases from January to end of June 2024, and 11 cases in 2023. Yield includes tax, interest and penalties, in addition to the tax value of losses restricted,” the statement said.
“In general, liabilities arising during the course of interventions carried out by Revenue’s High Wealth and Financial Services Division are settled and paid.”
However, in cases when Revenue is unable to secure payment of what it says is owed, collecting tax and interest is then referred on for what it called “appropriate enforcement proceedings”.
It added: “The range of enforcement methods available include solicitor enforcement, sheriff referrals and attachments.
“The circumstances of each case and the likelihood of effectiveness in recovering an outstanding tax debt will determine the enforcement method deployed by Revenue.”
Earlier this year, Revenue chairman Niall Cody told the Oireachtas public accounts committee that “by and large, the level of compliance with the law among high-wealth individuals is very high”.
But, he added, this unit builds on the work of the Tax Appeals Commission.
“It shows some, as we would see it, fairly aggressive and egregious tax avoidance schemes that we will challenge,” he said.
