Revenue's chairman has told the Public Accounts Committee that its special investigation into life assurance policies yielded €380m through voluntary disclosure. Frank Daly said 5,100 people came forward.
Frank Daly said Revenue then went to the High Court and obtained details of just under 81,000 polices from the insurance companies. He said following analysis of these Revenue did not think many were a serious risk of tax evasion.
Mr Daly said as a result 5,500 challenge letters were issued in March of this year and a further 4,000 were issued last month. He said that by the end of last month an additional €60m came in and Revenue was expecting more in this area.
