789 Supplementary provisions (Chapter 3)

This section contains a number of “machinery” provisions in relation to purchased life annuities. The amount, if any, of the capital element of an annuity is to be determined by the inspector; but with a right of appeal to the Appeal Commissioners anywhere a person is aggrieved by decision of the inspector. The Revenue Commissioners have general power to make regulations for determining procedure and prescribing anything that has to be prescribed under the Chapter. The regulations made under this provision are the Income Tax (Purchased Life Annuities Regulations, 1959 (S.I. No. 152 of 1959)). There is a penalty of €3,000 for making a false claim, or for aiding and abetting a false claim.

Relevant Date: Finance Act 2019