The Revenue Commissioners have yielded €33.14 million from interventions in its Large Cases – High Wealth Individuals division for the first six months of this year.
New figures provided by Minister for Finance, Jack Chambers, show yield from January to the end of June follows a taking in €57.64 million across the all of 2023.
The yield for the first six months of this year represents a 15 per cent pro-rata increase on the 2023 yield.
In his written reply to Sinn Féin’s Paul Donnelly on the issue, Mr Chambers said the yield “includes tax, interest, penalties and also the tax value of losses restricted”.
File being prepared for DPP over insider trading
Christmas tech for kids: great gift ideas with safety features for parental peace of mind
MenoPal app offers proactive support to women going through menopause
Ezviz RE4 Plus review: Efficient budget robot cleaner but can suffer from wanderlust under the wrong conditions
Some 214 High Wealth Individual large cases were closed during the first half of this year compared to 390 cases closed across the 12 months of 2023.
Mr Chambers further disclosed that 387 cases have been initiated for the first six months of this year.
That compared to 498 cases initiated for the whole of 2023.
The figures show that Revenue is also increasing its average yield from Large Case High Wealth Individual interventions. The average yield for 2023 cases was €147,813 compared to an average yield of €154,870 for the first six months of this year.
In his reply, Mr Chambers also revealed that that its Large Cases – High Wealth Individuals Division (LC-HWID) was expanded under internal realignment earlier this year.
He said: “The division now includes three Financial Services branches and has been renamed High Wealth and Financial Services Division.”
He said that the statistics for 2024 and 2023 provided refer to Large Cases High Wealth Individuals only.
Minister Chambers pointed out that the LC-HWID division had responsibility for the following business areas: management of the tax affairs of High Wealth Individuals; approval and administration of certain pension schemes; and the identification of and challenge to tax avoidance transactions.
Minister Chambers advised that a compliance intervention may not be initiated and closed in the same year.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
