The Revenue Commissioners has announced a new voluntary disclosure initiative for the holders of large-scale deposit accounts.
They will have until 15 September to make a voluntary disclosure about any tax due on the money they have invested in those accounts.
Under the new initiative, all banks, building societies and post offices will have to automatically report to the Revenue Commissioners details of accounts, names and addresses whenever a person earns more than €635 in interest on their deposit.
To prevent savers splitting their account to avoid disclosure to the Revenue Commissioners, all financial institutions will have to report account details as well as individual tax reference numbers for all new deposit accounts opened from 1 January 2009, regardless how much interest was earned.
