Revenue Commissioners To Pursue Ansbacher Clients - Dead Or Alive

by Caroline Maxwell, Tax-News.com, London

23 July 2002

The Irish Sunday Business Post revealed at the weekend that the long arm of the tax law is even longer than previously supposed.

Following the publication of the list of Ansbacher (Cayman) clients earlier this month, Ireland's tax authority has come under increasing political pressure to take a hard line on tax evasion. However, some might argue that pursuing account holders beyond the grave is taking things a little far.

The Sunday newspaper announced that: 'Sources at the Revenue Commissioners have told the Sunday Business Post that depositors, mostly business people who did not pay tax on their off-shore accounts, are likely to be launded with tax bills - including interest - via their executors.'

'We are perfectly entitled to investigate these matters under the law and we will be doing so,' an unnamed Revenue source told the Business Post. However, he added that: 'Each case will be treated on its own merits and every one will obviously be treated with the utmost sensitivity.'

Ironically, the newspaper also reported that Des Traynor, the architect of the scheme which hid more than 100 million euros from the Revenue Commissioners, was a model taxpayer.

According to the Sunday Business Post, when Traynor died in 1994, he left an estate valued at 2.1 million euros, none of which was held offshore. The majority of Traynor's cash was held in a building society deposit account, and his scrupulous returns meant that his estate received a rebate on 10,258 euros (£8,000) following his death.

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