The Revenue Commissioners have yielded €33.14m from interventions in its Large Cases – High Wealth Individuals division for the first six months of this year.

That is according to new figures provided by the Minister for Finance Jack Chambers, who has stated that the €33.14m yield from January to the end of June from its Large Cases High Wealth Individuals division follows a yield of €57.64mn across the 12 months of 2023.

The yield for the first six months of this year represents a 15% pro-rata increase on the 2023 yield.

Minister Chambers states that 214 High Wealth Individual large cases were closed during the first half of this year compared to 390 cases closed across the 12 months of 2023.

Indicating a surge in activity in the Revenue Commissioners High Wealth Individual division this year, Minister Chambers further discloses that 387 cases have been initiated for the first six months of this year.

This represents a pro-rata 55% increase in new cases in 2024 based on the 498 cases initiated for the 12 months of 2023.

The figures show that Revenue is also increasing its average yield from Large Case High Wealth Individual interventions. The average yield for 2023 cases was €147,813 compared to an average yield of €154,870 for the first six months of this year.

Minister Chambers also reveals that that its Large Cases – High Wealth Individuals Division (LC-HWID) was expanded under internal realignment earlier this year.

“The division now includes three Financial Services branches and has been renamed High Wealth and Financial Services Division,” he said.

Minister Chambers pointed out that the LC-HWID division had responsibility for the following business areas – management of the tax affairs of High Wealth Individuals; approval and administration of certain pension schemes and the identification of and challenge to tax avoidance transactions.

Minister Chambers advised that a compliance intervention may not be initiated and closed in the same year.