Revenue told Government not to tell public about lucrative tax loophole

"Wealthy people were able to transfer valuable life assurance policies"

"A loophole that allowed wealthy people to transfer valuable life assurance policies without paying tax was quietly shut down during last year's budget."

"In discussions with the Department of Finance, the Revenue Commissioners said that the public could not be alerted to the legal gap before it was closed."

A tax loophole permitted wealthy individuals to transfer valuable life assurance policies without paying tax. The loophole was closed during last year's budget through a targeted measure. The closure was implemented quietly rather than publicly announced prior to action. The Revenue Commissioners stated that the public could not be alerted to the legal gap before it was closed. That statement was made in discussions with the Department of Finance. The change prevents future transfers of valuable life assurance policies from exploiting that specific tax gap.

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