| Links from Section 715 | ||
|---|---|---|
| Act | Linked to | Context |
|
Taxes Consolidation Act, 1997 |
(1) Except in the case of an assurance company charged to tax in accordance with the provisions applicable to Case I of Schedule D in respect of the profits of its life assurance business, profits arising to an assurance company from pension business or general annuity business shall be treated as annual profits or gains within Schedule D and shall be chargeable to corporation tax under Case IV of that Schedule, and for that purpose— |
|
|
Taxes Consolidation Act, 1997 |
(1) Except in the case of an assurance company charged to tax in accordance with the provisions applicable to Case I of Schedule D in respect of the profits of its life assurance business, profits arising to an assurance company from pension business or general annuity business shall be treated as annual profits or gains within Schedule D and shall be chargeable to corporation tax under Case IV of that Schedule, and for that purpose— |
|
|
Taxes Consolidation Act, 1997 |
(b) subject to paragraph (a) and subsection (2), the profits from each such class of business shall be computed in accordance with the provisions applicable to Case I of Schedule D. |
|
|
Taxes Consolidation Act, 1997 |
(2) In making the computation in accordance with the provisions applicable to Case I of Schedule D— |
|
|
Taxes Consolidation Act, 1997 |
(b) shall be deductible in computing for the purposes of Case I of Schedule D the profits of the company in respect of its life assurance business. |
|
|
Taxes Consolidation Act, 1997 |
(3) Section 399 shall not be taken as applying to a loss sustained by a company on its general annuity business or pension business. |
|
|
Taxes Consolidation Act, 1997 |
(b) no deduction shall be allowed in respect of any expense, being an expense of management referred to in section 707, and |
|
|
Taxes Consolidation Act, 1997 |
(a)(i) subject to subparagraphs (ii), (iii) and (iv), subsection (1) of section 710 shall apply with the necessary modifications and in particular shall apply as if there were deleted from that subsection all references to policyholders other than holders of policies referable to pension business, |
|
|
Taxes Consolidation Act, 1997 |
(4) The treatment of an annuity as containing a capital element for the purposes of section 788 shall not prevent the full amount of the annuity from being deductible in computing profits or from being treated as a charge on income for the purposes of the Corporation Tax Acts. |
|
| Links to Section 715 (from within TaxSource Total) | ||
| Act | Linked from | Context |
|
Taxes Consolidation Act, 1997 |
(1) In this section, “taxed income” means income charged to corporation tax, otherwise than under section 715, and franked investment income. |
|
|
Taxes Consolidation Act, 1997 |
(4) In computing under section 715 the profits arising to an assurance company from general annuity business— |
|
|
Taxes Consolidation Act, 1997 |
(4) Subject to subsection (5), the exclusion by section 129 from the charge to corporation tax of franked investment income shall not prevent such income being taken into account as part of the profits in computing under section 715 income from pension business. |
|
|
Taxes Consolidation Act, 1997 |
(5) (a) Where for any accounting period there is apart from this subsection a profit arising to an assurance company from pension business (computed in accordance with section 715) and the company so elects as respects all or any part of its franked investment income arising in that period, being an amount of franked investment income not exceeding the amount of the profit arising from pension business, subsections (1) and (4) shall not apply to the franked investment income to which the election relates. |
|
|
Taxes Consolidation Act, 1997 |
(6) In computing under section 715 the profits from pension business, annuities shall be deductible notwithstanding section 76(5), and a company shall not be entitled to treat as paid out of profits or gains brought into charge to income tax any part of the annuities paid by the company which is referable to pension business. |
|
|
Taxes Consolidation Act, 1997 |
(b) in any amount on which the company is chargeable to corporation tax by virtue of section 715— |
|
|
Taxes Consolidation Act, 1997 |
(1) Nothing in the Corporation Tax Acts shall prevent the distributions of companies resident in the State from being taken into account as part of the profits in computing under section 715 the profits arising from pension business and general annuity business to an overseas life assurance company. |
|
|
Taxes Consolidation Act, 1997 |
(2) Any charge to tax under section 715 for any accounting period on profits arising to an overseas life assurance company from general annuity business shall extend only to a portion of the profits arising from that business, and that portion shall be determined by the formula— |
|
|
Taxes Consolidation Act, 1997 |
(1) Section 77(6) shall not affect the liability to tax of an overseas life assurance company in respect of the investment income of its life assurance fund under section 726 or in respect of the profits of its annuity business under sections 715, 717 and 727. |
|
|
Taxes Consolidation Act, 1997 |
(ii) in the case of an insurance business, also in computing the profits or loss from pension business and general annuity business under section 715, section 76 shall not prevent the inclusion of interest, dividends and other payments to which section 35 or 63 extends notwithstanding the exemption from tax conferred by those sections respectively. |
|