Taxes Consolidation Act, 1997 (Number 39 of 1997)
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730E Declarations.
(1) In this section and in section 730F, “policyholder”, in relation to a life policy, at any time means—
(a) where the rights conferred by the life policy are vested at that time in a person as beneficial owner, such person,
(b) where the rights conferred by the life policy are held at that time on trusts created by a person, such person, and
(c) where the rights conferred by the life policy are held at that time as security for a debt owed by a person, such person.
(2) The declaration referred to in [2]>section 730D(2)(a)(i)<[2][2]>section 730D(2)(a)<[2] in relation to a life policy is, subject to subsection (4), a declaration in writing to the assurance company which—
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(a) is made by the policyholder at or about the time the life policy commenced,
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(a)is made by the policyholder [21]>[9]>at or about the time of the inception of the life policy<[9]<[21],
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(b) is signed by the policyholder,
(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,
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(d) declares that the policyholder is not resident in the State at the time of making the declaration,
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(d) declares that the policyholder is not resident and not ordinarily resident in the State at the time of making the declaration,
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(e) contains—
(i) the name of the policyholder,
(ii) the address of the principal place of residence of the policyholder,
(f) contains an undertaking by the policyholder that if the policyholder becomes resident in the State, the policyholder will notify the assurance company accordingly, and
(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
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(3) The declaration referred to in section 730D(2)(a)(ii) in relation to a life policy is, subject to subsection (4), a declaration in writing to the assurance company which—
(a) is made by the policyholder,
(b) is signed by the policyholder,
(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,
(d) declares that the policyholder, at the time the declaration is made, is neither resident nor ordinarily resident in the State,
(e) contains the name and address of the policyholder,
(f) contains an undertaking by the policyholder that if the policyholder becomes resident in the State, the policyholder will notify the assurance company accordingly, and
(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
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(3) The declaration referred to in section 730D(2)(b) in relation to a life policy is, subject to subsection (4), a declaration in writing to the assurance company which—
(a) is made by the policyholder,
(b) is signed by the policyholder,
(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,
(d) contains the name and address of the policyholder,
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(e) declares that the policyholder, at the time the declaration is made, is—
(i) a company carrying on life business,
(ii) an investment undertaking (within the meaning of section 739B), [10]>or, as the case may be,<[10]
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(iii) a person who is entitled to exemption from income tax by virtue of section 207(1)(b),[11]>or, as the case may be,<[11]
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(iii)(I) a person who is entitled to exemption from income tax under Schedule D by virtue of section 207(1)(b), or
(II) a person who is entitled to exemption from corporation tax by virtue of section 207(1)(b) as it applies for the purposes of corporation tax under section 76(6),
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(iv) a PRSA provider (within the meaning of Chapter 2A of Part 30),
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(f) contains an undertaking that should the policyholder cease to be a person referred to in subparagraph (i), (ii), or as the case may be (iii) of paragraph (e), the assurance company will be advised accordingly, and
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(f) contains an undertaking that should the policy holder cease to be a person referred to in subparagraph (i), (ii), (iii), or as the case may be, (iv) of paragraph (e), the assurance company will be advised accordingly, and
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(e) declares that the policyholder, at the time the declaration is made, is—
(i) a company carrying on life business,
(ii) an investment undertaking (which has the same meaning as that assigned to it in section 739B),
(iii) (I) a person who is entitled to exemption from income tax under Schedule D by virtue of section 207(1)(b), or
(II) a person who is entitled to exemption from corporation tax by virtue of section 207(1)(b) as it applies for the purposes of corporation tax under section 76(6),
(iv) a PRSA provider (which has the same meaning as that assigned to it in Chapter 2A (inserted by the Pensions (Amendment) Act 2002) of Part 30),
(v) a credit union, [15]>or<[15]
(vi) a person entrusted to pay all premiums payable, in respect of the life policy, out of money under the control or subject to the order of [19]>any Court, [16]>or<[16]<[19][19]>any Court,<[19]
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(vii) the National Asset Management Agency,
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(viii) a pension scheme being an exempt approved scheme within the meaning of section 774 or a trust scheme to which section 784 or 785 applies, or
(ix) an approved retirement fund within the meaning of section 784A or an approved minimum retirement fund within the meaning of section 784C,
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(f) contains an undertaking that should the policyholder cease to be a person referred to in [18]>subparagraph (i) to (v), or (vi) of paragraph (e)<[18][18]>paragraph (e)<[18], the assurance company will be advised accordingly, and
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(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
(3A) The declaration referred to in section 730D(2)(c) in relation to a life policy is a declaration in writing to the assurance company which—
(a) is made by a qualifying savings manager (in this paragraph referred to as the “declarer”) within the meaning of section 848B (inserted by the Finance Act, 2001), in respect of the life policy which is an asset held in a special savings incentive account,
(b) is signed by the declarer,
(c) is made in such form as may be prescribed or authorised by the Revenue Commissioners,
(d) declares that, at the time the declaration is made, the life policy in respect of which the declaration is made—
(i) is an asset held in a special savings investment account, and
(ii) is managed by the declarer for the individual who is beneficially entitled to the life policy,
(e) contains the name and the address, and the PPS Number (within the meaning of [14]>section 223 of the Social Welfare (Consolidation) Act, 1993<[14][14]>section 262 of the Social Welfare Consolidation Act 2005<[14]), of the individual referred to in paragraph (d),
(f) contains an undertaking by the declarer that if the life policy ceases to be an asset held in the special savings incentive account, the declarer will notify the assurance company accordingly, and
(g) contains such other information as the Revenue Commissioners may reasonably require for the purposes of this Chapter.
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(4) Where, immediately before the happening of a chargeable event, the rights conferred by a life policy were vested beneficially in 2 or more persons, or were held on trusts created, or as security for a debt owed, by 2 or more persons, this section and section 730D shall have effect in relation to each of those persons as if he or she had been the sole owner, settlor or, as the case may be, debtor, but with references to the amount of the gain construed as references to the part of it proportionate to his or her share in the rights at the time of the event, or, as the case may require, when the trusts were created.
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(5) An insurance company shall keep and retain declarations referred to in this section for a period of 6 years from the time the life policy in respect of which the declaration was made ceases.
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Inserted by FA05 s42(1)(c). Per FA06 s48(2) applies as respects any policy taken out on or after 1 May 2006.
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Substituted by FA07 sched4(1)(u). Shall have effect as on and from the passing of this Act. FA07 2 April 2007
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Substituted by FA12 s29(c). Deemed to have come into force and takes effect on and from 1 January 2012.
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Inserted by FA12 s29(d). Deemed to have come into force and takes effect on and from 1 January 2012.
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Deleted by FA15 s23(1). Applies to any life policy (within the meaning of Part 26 of the Taxes Consolidation Act 1997) commenced on or after 1 May 2006.