According to a report in the Sunday Business Link, customs officials boarded 55 luxury yachts in in recent months as part of an investigation into Ireland’s richest people. The move follows concerns that VAT and vehicle registration tax are not being paid on the purchase of pleasure boats.

The Revenue Commission is particularly concerned that wealthy businesspeople are buying yachts on the pretext that the vessels are for company use - therefore availing of a tax break - while they are actually intent on using them in a personal capacity.

The boats were boarded in marinas in Dublin, Kerry, Waterford, Cork and Clare. Of the boats boarded, the owners of 17 had not properly declared their VAT liability and had to make settlements totalling about €900,000.