BRITISH residents who hold bank accounts in Ireland are being urged to ensure that they comply with tax laws in this country, an accountancy firm has warned.
The Inland Revenue is carrying out investigations into British residents with Irish bank accounts in a bid to clamp down on tax fraud, says accountant and business advice company KPMG.
It is a follow-up to an ongoing investigation by the Irish authorities which has so far involved more than 70,000 people.
Derek Kelly, from KPMG's tax investigation department, said: "The Inland Revenue is being encouraged to take such cases to court. Any UK resident who is concerned that they may be under threat of investigation is urged to seek professional advice immediately."
In a three-pronged push, the Inland Revenue has obtained details of bank accounts held in Ireland by UK-based individuals, monies transferred into Trust accounts with the Bank of Ireland in Jersey, and non-resident accounts held through other Irish and UK banks.
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