What to do if you think you are engaged in tax avoidance
You should know that if something sounds too good to be true, it probably is. If you are unsure about a transaction you should always seek a second opinion. You should seek advice from an independent, reputable tax advisor who has the particular expertise to understand the transaction. This should be someone who is not connected with the scheme. Preferably not someone who has introduced you to the promoter.
If you have implemented a transaction which you think was tax avoidance, you should not claim this tax advantage when submitting your tax return.
If you have claimed the tax advantage you should consider informing Revenue with a view to settling any tax liabilities. You should consult the ‘Informing Revenue of tax avoidance’ section for details of how to make a disclosure.
Next: Legislative tools to challenge tax avoidance