According to reports, Ireland's Revenue Commissioners are planning the launch of a new tax evasion probe into the use of single premium life assurance policies.
Concerns regarding the use of single premium policies for the purposes of tax evasion were raised during the Dirt inquiry.
Senior Revenue official, Tony McCarthy is understood to be preparing a report on single premium policies, which are one-off lump sum investments, usually last around seven years, and are based on the performances of the stock, bond, or property markets.
Until recently, single premium policies were tax free, but investors must now pay a 23% levy on the profits earned by the policies.
The Revenue Commission is not expected to launch an investigation into whether the money used to establish the policies was declared for tax until its inquiry into offshore accounts held by Irish residents is well underway.
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