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The Irish Revenue's Large Cases Division (LCD) collected more than EUR504m (USD531.6m) from High Wealth Individuals (HWIs) in 2016, Finance Minister Michael Noonan has confirmed.
Replying to parliamentary questions, Noonan explained that the tax affairs of HWIs are overseen by the HWI Tax Districts based in Revenue's Large Cases Division (LCD). It covers resident individuals with net assets in Ireland of more than EUR50m, along with their associated investments. Family members with net assets of less than EUR50m may likewise be included in the HWI case base. Also included are non-resident HWIs with substantial economic interests in Ireland.
Noonan said that LCD currently manages about 571 individuals, and 697 associated investment entitles. He provided information on the amount of tax paid by individuals managed in the HWI Districts of LCD in each year from 2009-2016.
Between 2009 and 2014, the HWI Districts also oversaw the tax affairs of the partners of the four largest accountancy firms and the five largest law firms. In early 2015, LCD undertook a review of its case base. Individuals who no longer met the criteria for a HWI were moved out of LCD, and other individuals now qualifying were moved in. Noonan stated that the 2016 amount includes a number of particularly large tax payments by a small number of taxpayers.
In 2016, the amount collected was EUR504.3m, up from EUR168.7m the previous year. In 2014, the figure was EUR659.99m.
Noonan also confirmed that in 2015 (the latest year for which there is complete data), 22,024 individual taxpayers declared themselves non-resident for tax purposes on their self-assessment tax return. The overall number of individuals who filed self-assessed income tax returns for 2015 was 528,533.
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