The Revenue Commissioners have announced a new voluntary disclosure initiative giving the holders of large scale deposit accounts until September 15 this year 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 Revenue details of accounts, names and addresses whenever a person earns more than €635 in interest on their deposit.
In addition, all financial institutions will have to report account details as well as individual tax reference numbers for all new deposit accounts opened from the 1 January, 2009, regardless how much interest was earned.
This is to prevent savers splitting their account to avoid disclosure to the Revenue Commissioners.
