| tax 2003-04-14 |
| The Revenue Commissioners is reportedly targeting deposits held by Irish financial institutions in the Isle of Man.
Irish institutions were holding about E4.5bn in the tax haven according to 2001 accounts, but it is not known how much of this is owned by Irish residents. Bank of Ireland has the largest deposit base of any Irish institution operating in the Isle of Man, with assets of UK£922m, reported the Sunday Tribune, followed by AIB, at £702m and Anglo Irish Bank, at £690m. It has also been reported that Bank of Ireland has begun returning money to Irish residents who had deposits in the Isle of Man and that it is now limiting facilities to sterling area residents. The latest stage in the Revenue's crack down on Irish money held in offshore accounts follows news last week at the taxmen are to investigate trusts set up in Jersey by Bank of Ireland for some of its clients. The bank has written to about 400 individuals who are customers of its branch in Jersey to warn them that the Revenue will begin probing their accounts in June and it has advised them that they could avail of lower penalties if they make a voluntary disclosure of their holdings. |