Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
730J Payment in respect of foreign life policy.
Where on or after 1 January 2001 a person who has a foreign life policy is in receipt of a payment in respect of the foreign life policy, then—
[2]>
(a) where the person is not a company, and—
(i) the income represented by the payment is correctly included in a return made by the person, then, notwithstanding section 15, the rate of income tax to be charged on the income shall be—
(I) where the payment is a relevant payment, the standard rate per cent, and
(II) where the payment is not a relevant payment and is not made in consideration of the disposal, in whole or in part, of the foreign life policy, at the rate determined by the formula—
(S + 3) per cent,
where S is the standard rate per cent,
and
(ii) where the income represented by the payment is not correctly included in a return made by the person, the income shall be charged to income tax at a rate determined by section 15,
and
<[2]
[27]>
[2]>
(a) where the person is not a company, and—
(i) income represented by the payment is correctly included in a return made by the person, then, notwithstanding section 15, the rate of income tax to be charged on the income shall be—
[3]>
(I) where the payment is a relevant payment, the standard rate (within the meaning of section 3) of income tax in force at the time of the payment, and
<[3]
[3]>
[7]>
(I) where the payment is a relevant payment, at the rate determined by the formula—
(S + 3) per cent
where S is the standard rate per cent for the year of assessment in which the payment is made, and
<[7]
[7]>
(I) where the payment is a relevant payment, at the rate of [11]>25 per cent<[11][15]>[11]>27 per cent<[11]<[15][19]>[15]>30 per cent<[15]<[19][23]>[19]>33 per cent<[19]<[23][23]>41 per cent<[23], and
<[7]
<[3]
(II) where the payment is not a relevant payment and is not made in consideration of the disposal, in whole or in part, of the foreign life policy—
(A) in the case of a foreign life policy which is a personal portfolio life policy, [24]>at the rate determined by the formula—<[24][24]>at the rate of 60 per cent<[24], and
[24]>
[4]>(S +23) per cent<[4][8]>[4]>(S + 26) per cent<[4]<[8][12]>[8]>(S + 28) per cent<[8]<[12][16]>[12]>(S + 30) per cent<[12]<[16][20]>[16]>(S + 33) per cent<[16]<[20][20]>(S + 36) per cent<[20]
<[24]
[24]>where S is the standard rate per cent for the year of assessment in which the payment is made<[24]
[9]>
(B) in any other case, at the rate determined by the formula—
[5]>(S +3) per cent<[5][5]>(S + 6) per cent<[5]
where S is the standard rate per cent for the year of assessment in which the payment is made,
<[9]
[9]>
(B) in any other case, at the rate of [13]>28 per cent<[13][17]>[13]>30 per cent<[13]<[17][21]>[17]>33 per cent<[17]<[21][25]>[21]>36 per cent<[21]<[25][25]>41 per cent<[25],
<[9]
and
(ii) where the income represented by the payment is not correctly included in a return made by the person, the income shall be charged to income tax—
(I) in the case of a foreign life policy which is a personal portfolio life policy,[26]> at the rate determined by the formula—<[26][26]>at the rate of 80 per cent<[26], and
[26]>
[6]>(H +20) per cent<[6][10]>[6]>(H + 23) per cent<[6]<[10][14]>[10]>(H + 25) per cent<[10]<[14][18]>[14]>(H + 27) per cent<[14]<[18][22]>[18]>(H + 30) per cent<[18]<[22][22]>(H + 33) per cent<[22]
<[26]
[26]>where H is a rate per cent determined in relation to the person by section 15 for the year of assessment in which the payment is made<[26]
(II) in any other case, at a rate determined in relation to the person by section 15 for the year of assessment in which the payment is made
<[2]
<[27]
[27]>
(a) where the person is not a company—
(i) the rate of income tax to be charged on the income represented by the payment, where the payment is not made in consideration of the disposal, in whole or in part, of the foreign life policy, shall, notwithstanding section 15, be—
(I) subject to subparagraph (ii), in the case of a foreign life policy which is a personal portfolio life policy, at the rate of 60 per cent, and
(II) in any other case, at the rate of 41 per cent,
and
(ii) in the case of a foreign life policy which is a personal portfolio life policy and the income represented by the payment is not correctly included in a return made by the person, the income shall, notwithstanding section 15, be charged to income tax at the rate of 80 per cent,
<[27]
(b) where the person is a company, the income represented by the payment shall be charged to tax under Case III of Schedule D.
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[1]
Inserted by FA01 s67. This section shall be deemed to have applied as on and from 1 January 2001.
[2]
Substituted by FA02 s40(2)(a). This section shall apply as respects the receipt by a person of a payment in respect of a foreign life policy or the disposal in whole or in part of a foreign life policy on or after 26 September 2001.
[3]
Substituted by F(No.2)A08 s27(1)(b)(i)(I). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2009.
[4]
Substituted by F(No.2)A08 s27(1)(b)(i)(II). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2009.
[5]
Substituted by F(No.2)A08 s27(1)(b)(i)(III). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2009.
[6]
Substituted by F(No.2)A08 s27(1)(b)(i)(IV). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2009.
[7]
Substituted by FA09 s10(2)(a). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 8 April 2009.
[8]
Substituted by FA09 s10(2)(b). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 8 April 2009.
[9]
Substituted by FA09 s10(2)(c). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 8 April 2009.
[10]
Substituted by FA09 s10(2)(d). Applies and has effect as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 8 April 2009.
[11]
Substituted by FA11 s31(2)(a). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2011.
[12]
Substituted by FA11 s31(2)(b). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2011.
[13]
Substituted by FA11 s31(2)(c). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2011.
[14]
Substituted by FA11 s31(2)(d). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2011.
[15]
Substituted by FA12 s28(2)(a). Has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2012.
[16]
Substituted by FA12 s28(2)(b). Has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2012.
[17]
Substituted by FA12 s28(2)(c). Has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2012.
[18]
Substituted by FA12 s28(2)(d). Has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2012.
[19]
Substituted by FA13 s40(2)(a). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2013.
[20]
Substituted by FA13 s40(2)(b). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2013.
[21]
Substituted by FA13 s40(2)(c). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2013.
[22]
Substituted by FA13 s40(2)(d). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26 of the Principal Act) on or after 1 January 2013.
[23]
Substituted by F(No.2)A13 s30(2)(a). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2014.
[24]
Substituted by F(No.2)A13 s30(2)(b). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2014.
[25]
Substituted by F(No.2)A13 s30(2)(c). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2014.
[26]
Substituted by F(No.2)A13 s30(2)(d). Applies and has effect as respects the receipt by a person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of Part 26) on or after 1 January 2014.