A number of very large payments by individuals is a noticeable feature of the list of 60 tax settlements totalling just under £3.5 million (€4.4 million) published in Iris Oifigiuil yesterday.
Large penalty and interest payments are another feature of the list. The largest single settlement was by Mr Patrick Fitzmaurice, of Novara Park, Bray, Co Wicklow, who paid £329,172 in relation to investment income.
Mr Fitzmaurice could not be contacted last night. His settlement comprised tax underpaid of £109,758 and interest and penalties of £219,414.
The two second-largest settlements were for £280,000 each. One, in relation to rental income, was paid by Mr Kieran McGuinness, of Off Park Road, Longford. He paid penalties and interest of £178,256 in relation to tax underpaid of £101,744.
The other was by the late Mr Andrew Smith, a farmer who paid £150,539 in tax and penalties in relation to tax underpaid of £129,460.
The list covers settlements in excess of £10,000 made in the period from October 1st, 1999 to December 31st, 1999. It is understood it includes 10 to 12 people who had funds with NIB Financial Services Ltd (NIBFSL), though these are not identified. NIBFSL is currently being investigated by High Court inspectors in relation to its sale of un authorised offshore bonds worth £48 million in the period 1990 to 1998.
The Finance Act 2000, signed on Thursday by the President, allows for the publication of the circumstances behind tax settlements, but this will only apply to settlements made after the Act comes into effect. This means that the new provisions will not be applicable until the list after next, covering the three months from March 31st, 2000. Other large settlements included in yesterday's list were Whiteleas Investments Ltd, for £226,000. Whiteleas, which has a registered address at 33 Upper Fitzwilliam Street, Dublin 2 and is involved in building, had tax underpaid of £128,494.
Kingsland Chinese Restaurant Ltd, of Dame Street, Dublin, made a settlement of £194,984 in relation to tax underpaid of £121,824. Mr Sean Vickers, a builder, of Ballynerrin Lower, Wicklow, made a settlement of £167,717 on tax underpaid of £71,568. Mr Brian Byrne, a retired company director of 7 Wilderwood Grove, Templeogue, Dublin 6W, made a settlement of £160,000 in relation to tax underpaid of £66,474.
A plumber, Mr Patrick Meegan, of Kilcurry, Dundalk, Co Louth, made a settlement of £159,551 in relation to tax underpaid of £55,399. The late Mr Thomas Reilly, a farmer, of Carrowreagh, Kingscourt, Co Cavan, paid £133,291 in relation to tax underpaid of £71,126, while the late Mr James Sheridan, a veterinary surgeon, of Kells Road, Baileboro, Co Cavan, paid £115,000 on tax underpaid of £41,109.
The list includes a Jersey-based company. Skycat Ltd, of Seaton Place, St Helier, Jersey, paid £11,228 on tax underpaid of £5,987 in relation to rental income. Samwick Associates Ltd, of 3 Andrew Street, Dublin 2, which traded as the Trocadero Restaurant, paid £25,000 in relation to tax underpaid of £15,000. The company was dissolved last year, but the restaurant is still open.
Temple Taverns Ltd, of 45 Hogan Place, Dublin 2, made a settlement of £37,041 in relation to tax underpaid of £19,071.
