358 Irish accounts linked to HSBC - Revenue
ALMOST 90 individuals with funds of €44.8m were among the 358 personal and corporate account holders with HSBC when the bank was investigated amid tax-dodging claims.
These Irish account holders had funds totalling €6.3bn with HSBC, the Revenue Commissioners have confirmed.
In a 16-page document sent to the Public Accounts Committee (PAC), a total of 88 individual clients with Irish addresses were identified.
The detailed note on the HSBC scandal had been demanded by the PAC, which is expected to discuss its contents at its meeting tomorrow.
This group of 88 was out of a larger group of 114 individual clients listed in information given to Revenue by French authorities in 2010.
A further 270 corporate clients with Irish addresses, found to have held funds totalling €6.25bn, were identified by the Revenue Commissioners.
The vast majority of those corporate clients had administrative correspondence addresses in Ireland and were linked to the global funds industry.
Revenue has also confirmed that none of the cases investigated had a tax amnesty cert, which meant no one involved had availed of either of the two amnesties introduced by the Irish government. However, five individuals had previously availed of one or more Revenue tax incentive schemes, it said.
Thirty-three investigations were started on foot of information which had been supplied by French authorities to Revenue in 2010. Of those 33 investigations, 27 have been concluded and six are ongoing.
"There are a small number of cases which are currently being considered for investigation," the note to the PAC states.
Revenue ultimately identified 20 individuals for consideration for prosecution. Four cases were selected in October 2010 "as being appropriate for investigation".
Of those four cases, three went before the courts in 2014.
In one case, the taxpayer pleaded guilty to four sample charges, one of making an incorrect offshore assets account disclosure and three of furnishing incorrect tax returns. Fines of €4,000 were imposed.
In a second case, the person pleaded guilty to two charges of delivering incorrect tax returns and was fined €10,000.
A third taxpayer pleaded guilty to three charges of delivering incorrect tax returns and was fined €25,000.
The fourth case is ongoing.