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Wednesday 16 October 2019

Officials still chasing Ansbacher account holders

Shane Phelan

Shane Phelan

LONG after the Ansbacher controversy with its offshore trusts, foreign-registered companies and secret ledgers began to fade from the public memory, the Revenue Commissioners are still pursuing account holders.

In fact, Revenue officials have been relentless in chasing the money, recouping €3.25m last year alone, which brought the figure to date up to €112m from 141 cases.

Operations are still continuing 11 years after an explosive report lifted the lid on the "sham" bank that was used by many to evade tax. The moral of the story, if there is one, is that the Revenue never gives up and always gets its man in the end.

But on the other side of the coin, tax advisers have been equally relentless in developing schemes to minimise their clients' tax bills.

The vast majority of these schemes are legitimate – and then there are those that are not.

The interest of Revenue officials will always be piqued when complex financial manoeuvring involving tax havens such as Liechtenstein, the Bahamas and the Cayman Islands is picked up by their radar.

Irish Independent

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