The Revenue Commissioners announced on 27 March 2009 that an investigation of the tax treatment of property, assets and funds settled by persons on trusts and offshore structures will commence on 1 September 2009. The announcement is made in the light of the Revenue experience from earlier project investigations that the use of trusts and similar structures represents a tax risk and the new reporting obligations on Third Parties, such as, accountants, tax practitioners, solicitors, financial institutions and financial intermediaries, in relation to settlements involving non-resident trustees.
The term \”settlement\” includes any disposition, trust, covenant, agreement or arrangement, and any transfer of money or other property or of any right to money or other property.
Persons who have tax issues relating to funds etc transferred to or settled on trusts (whether Irish or foreign) or similar structures may avail of the benefits of Qualifying Disclosure where they satisfy the disclosure rules and a Notice of Intention is delivered on or before 1 September 2009, and disclosure and payment of liabilities is made on or before 31 October 2009.
For full details, please see the Revenue Commissioners’ website