Revenue Commissioners Investigation into Undeclared Monies used to Fund Investments in Life Assurance Products

7th August 2009

In 2005 the Revenue Commissioners commenced an investigation into taxpayers who used life assurance investment products to conceal money not previously disclosed for tax purposes.  

As part of their investigation the Revenue Commissioners obtained a High Court order on 6 July 2009 compelling us to provide the Revenue Commissioners with policyholder specific information regarding any life assurance single premium policies, taken out between 1 January 1990 and 31 December 2003, with an investment sum equal to or greater than €20,000 and less than €50,000.

A similar High Court Order was obtained in 2006 compelling us to provide information for investment amounts of €50,000 or more.

If you are a customer of Aviva Life & Pensions Ireland Limited or Ark Life Assurance Company Limited and your policy falls within the terms of the investigation you will receive a letter before 4 September 2009 outlining the information Aviva Life & Pensions Ireland Limited and Ark Life Assurance Company Limited must supply to the Revenue Commissioners under the terms of the High Court Order. 

If you have any concerns or queries about any tax matters please contact your tax adviser, accountant or solicitor.  Alternatively contact the Revenue Commissioners directly.

Revenue Commissioners’ Helpline  01- 647 4818

Lines are open Monday to Friday from 8.30am to 4.30pm. Customers can also access the Revenue Commissioners’ website at www.revenue.ie.

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