The Inland Revenue has begun to target Irish bank accounts held by UK residents in an attempt to root out potential tax evasion according to accounting firm KPMG.
KPMG estimates that some 70,000 people have been scrutinised by the Revenue, and that as a result "a number of arrests have been made". It is warning account holders to be extremely vigilant and ensure that they are fully compliant with the relevant tax laws in order to avoid the Revenue's clutches.
According to the accounting firm, the IR has employed a "three pronged" attack, investigating Irish held accounts by UK based individuals, money flowing into trust accounts in Jersey through the Bank of Ireland and other accounts held by non-residents with Irish and UK banks. Its primary purpose is to identify the source of the money to determine whether full and proper interest declarations have been made for tax purposes.
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