Some people who put "hot money" into single-premium life assurance products have indicated to the Revenue Commissioners that they may have individual liabilities of up to €1 million, it emerged last night.

Informed sources said that such liabilities had been calculated among submissions from 7,500 people who made personal declarations to the Revenue ahead of the deadline for voluntary disclosures at the close of business last evening.

The number of people coming forward was considerably fewer than in the voluntary disclosure scheme last year for offshore assets, when 13,000 submissions were received. However, the head of Revenue's investigation unit, Paddy Donnelly, said officials were "very happy" with the response.

Some €2.5 million in settlements had already been received, he said, 60 days ahead of the deadline for payments.

The Revenue will immediately begin work to prepare applications to the High Court for records held by the financial institutions on accounts held by any people who did not make voluntary disclosures. Revenue has warned that it will pursue such people in the courts.

Some 2,500 declarations had been delivered by Friday and an additional 5,000 came in during business hours yesterday.

While the 7,500 declarations is fewer than the 10,000 mooted by some in the accounting profession, Mr Donnelly said that "a considerable amount of post" to Revenue was still unopened as of last evening.

Those who made voluntary submissions will be obliged to make full settlements of tax, interest and penalties by July 22nd. A full picture of the benefit to the public finances will not emerge until the end of July, although it is considered likely to reach several hundred millions of euro.

The head of taxation at the Institute of Chartered Accountants in Ireland, Brian Keegan, said it was clear that many of those who had gone to their accountants with information had already settled their liabilities when making settlements linked to other investigations.

Mr Keegan said he also believed that "a certain proportion" of people who had come forward fearing that they had a liability found that they had no liability when their affairs were scrutinised.

The investigation into single-premium accounts opened since the 1980s also covers unit-linked bonds, tracker bonds and guaranteed-growth bonds.

Investigations into undeclared offshore funds, DIRT evasion, the Ansbacher scheme and National Irish Bank Clerical Medical Insurance products and the tribunals of inquiry have already brought €1.66 billion into the Exchequer.

However, Revenue chairman Frank Daly indicated earlier this year that the single-premium inquiry is likely to be among the last "legacy inquiries" undertaken by the tax authorities.

"Nobody hopes more than myself that it might prove to be our last one of major significance," he said in February.