An association I work with makes an annual transfer to headquarters in Switzerland each year.
This week a letter arrived from our bank statingThe letter goes on to state that the Bank "was ordered by the High Court to hand over specific information concerning customer falling within the scope of the order" in December 2009.
"The revenue Commissioners are currently conducting a review of transactions made by Irish residents with off shore financial institutions, specifically where money was transferred to or from the jurisdictions of Switzerland, Lichtenstein, the Isle of Man, jersey and Guernsey."
They state that they are obliged to hand relevant over information on customers in the following timescale:
Concerned persons may apply to the High court about this procedure, and the relevant details are given on how to go about this.• Transactions for 1/1/07- 31/12/08 must be handed over by 30 September 2010
• Transactions for 1/1/05- 31/12/06 must be handed over by 31 December 2010
• Transactions for 14/4/98 - 31/12/04 must be handed over by 31 July 2011
The association I'm working with has nothing to worry about, but will there be significant consternation among the "respect your betters" class, especially with the order relating to transfers going back to 1998 which falls due next year?
My prediction: expect "developments"