INVESTIGATIONS INTO offshore assets and single premium insurance investments accounted for a large number of the €24 million in tax default settlements that the Revenue published yesterday.

Part two of the list, published every three months, shows that 111 people and companies paid €24.2 million in undeclared tax, interest and penalties to the Revenue Commissioners in the three months from July 1st to September 30th.

The bulk of the companies and individuals named in the list were the subject either of various offshore assets investigations, such as that sparked by the inquiry into the use of bogus accounts to evade deposit interest retention tax payments, or into single premium insurance products. The Revenue began targeting these financial products in 2004 after it emerged that they were being used to hide money from the taxman.

Single premium products are used to invest lump sums. The insurance companies rather than the beneficiaries pay the tax on the profits, so there are no liabilities when they are cashed in.

Between 1988 and 2001, over €30 billion was invested in these, and the Revenue believe that the investigation could ultimately yield €1 billion in unpaid tax.

Tullamore company Condron Concrete made the biggest settlement on yesterday's list, paying €8.1 million. This related to undeclared income and corporation tax and a Revenue offshore assets investigation.

The next biggest was fancy goods and toy retailer, Joseph Ryle of Tralee, Co Kerry, who paid just over €1 million. The payment covered under-declared income, value added, capital gains and capital acquisitions tax, and a Revenue single-premium products investigation. A retired farmer, Robert Tracey, of Blackrock, Co Dublin, paid €996,240 for under-declared income tax. This was the third largest on the list.