A company director has failed in a legal challenge to prevent Revenue conducting an inquiry into payments totalling almost €373,000 into an Isle of Man bank account almost 25 years ago. When asked about the payments by Revenue in May 2010, the director said the account belonged to his late brother but he had a fiduciary role in looking after it. At that time Revenue informed the director that it was treating the matter as closed. In response, the director claimed Revenue was outside the four-year time limit to examine such matters. Lawyers for Revenue claimed the failure to declare the foreign bank account which was opened in 1991 was negligent and/or fraudulent.

Source: The Irish Times May 31, 2021 03:56 UTC