The Large Cases – High Wealth Individuals department of The Revenue Office has generated €33.14 million in the first half of this year, reveals Minister for Finance, Jack Chambers. This figure, spanning between January and June, succeeds the collected total of €57.64 million throughout the entirety of 2023. Notably, the revenue achieved in the first six months of this year signifies an increased yield of 15 per cent on a pro-rata basis when compared to the yield in 2023.
In response to Sinn Féin’s Paul Donnelly’s queries, Minister Chambers elaborated that the yield “combines tax, interest, penalties, and also the tax value of losses restricted”.
Throughout the first half of this year, 214 large cases involving High Wealth Individuals were concluded, as opposed to the 390 cases resolved throughout 2023. The Minister disclosed that a total of 387 new cases were undertaken in the first half of this year, a reduction from the 498 cases embarked upon in 2023.
Despite this, it’s clear that the Revenue Office is enhancing its average revenue from interventions centering on High Wealth Individual large cases. With an average yield of €147,813 per case in 2023, this figure increased to €154,870 on average in the first six months of this year.
Expounding further, Chambers revealed that the LC-HWID was expanded as part of an internal reshuffle earlier this year, transitioning into the new ‘High Wealth and Financial Services Division’. Statistics provided for 2023 and 2024 pertain only to large High Wealth Individual cases.
Managing the tax affairs of High Wealth Individuals, overseeing and managing certain pension schemes and actively identifying and contesting tax avoidance transactions fall under the remit of this division, the Minister further clarified. However, he insisted that a compliance intervention may not necessarily begin and conclude within the same calendar year.
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