TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Gross Roll-Up Life Assurance Policies

Revenue has put procedures in place to process repayment claims for policyholders following amendments made by Finance Act 2015 to the provision of declarations by non-resident life assurance policyholders.

Finance Act 2015 amendment to section 730E TCA 1997 may result in repayment claims for certain policyholders who became non-resident or non-ordinarily resident in the State subsequent to commencing a life policy. Procedures are in place for policy holders who:

  • were Irish resident when their policies commenced on or after 1 May 2006 and
  • became non-resident and non-ordinarily resident in the State after that date and
  • suffered exit tax on chargeable events occurring before 31 December 2015.

More details are set out in paragraph 11.2 in the updated guidelines on the Revenue website and to Tax and Duty Manual Part 26-05-03.