Section 125 Certain premiums of insurance
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(1) In this section-
"assessable amount", in relation to a quarter, means the gross amount received by an insurer by way of premiums (including, in the case of an insurer who is a leading insurer (within the meaning of the European Communities (Co-insurance) Regulations, 1983 (S.I. No. 65 of 1983)), the amount received by way of overall premiums (within the above meaning)) in that quarter in respect of policies of insurance to the extent that the risks to which those policies relate are located in the State (being risks deemed to be located in the State (being risks deemed to be located in the State by virtue of section 61), but without having regard to an excluded amount;
"excluded amount" means-
(a) an amount received in the course or by means of re-insurance;
(b) a premium received in respect of business in the following classes of the Annex to First Council Directive 73/239/EEC of 24 July 1973 (OJ No. L228, 16/8/1973), namely, 4, 5, 6, 7, 11 and 12, in classes 1 and 10 in so far as they relate to the insurance of passengers in marine and aviation vehicles and carriers liability insurance, respectively, and in class 14 in so far as it relates to export credit;
(c) a premium received in respect of business in classes I, II, III, IV, V, VI, VII, VIII and IX of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L63, 13/3/1979);
(d) a premium received in respect of health insurance business (being health insurance business within the meaning of section 2 of the Health Insurance Act, 1994);
[(e) a premium received in respect of a contract of insurance, the sole purpose of which is to provide for the making of payments for the reimbursement or discharge in whole or in part of fees or charges in respect of the provision of dental services, other than those involving surgical procedures carried out in a hospital by way of hospital in-patient services within the meaning of section 2(1) of the Health Insurance Act 1994;]1
"insurer" means a person who is the holder of an assurance licence under the Insurance Act, 1936, or is the holder of an authorisation within the meaning of the European Communities (Non-Life Insurance) Framework Regulations, 1994 (S.I. No. 359 of 1994), or who carries on the business of insurance in compliance with the Assurance Companies Act, 1909;
"premium" has the same meaning as in the Insurance Act, 1936;
"quarter" means a period of 3 months ending on the 31st day of March, the 30th day of June, the 30th day of September or the 31st day of December.
Amendments
1 Para (e) of definition of "excluded amount" inserted by Finance Act 2004 section 75 as respects contracts of insurance entered into on or after 25 March 2004.
(2) An insurer shall, in each year, within 30 days from the end of each quarter, deliver to the Commissioners a statement in writing showing the assessable amount for that insurer in respect of that quarter.
(3) There shall be charged on every statement delivered in pursuance of subsection (2) a stamp duty of an amount equal to [3 per cent]1 of the assessable amount shown in the statement.
Amendments
1 Substituted by Finance Act 2009 section 26(1)(b) as respects so much of the assessable amount as is comprised of premiums received on or after 1 June 2009 in respect of offers of insurance or notices of renewal of insurance issued by an insurer (terms as defined in section 125(1)) on or after 8 April 2009.
(4) The duty charged by subsection (3) on a statement delivered by an insurer pursuant to subsection (2) shall be paid by the insurer on delivery of the statement.
(5) There shall be furnished to the Commissioners by an insurer such particulars as the Commissioners may deem necessary in relation to any statement required by this section to be delivered by the insurer.
(6) In the case of failure by an insurer to deliver any statement required by subsection (2) within the time specified in that subsection or of failure by an insurer to pay any duty chargeable on any such statement on the delivery of that statement, the insurer shall be liable to pay, ...1 in addition to the duty, interest on the duty at the rate of [0.0322 per cent for each day or part of a day]2 from the expiration of the quarter to which the statement relates until the day on which the duty is paid.
Amendments
1 Deleted by Finance (No. 2) Act 2008 section 98 and Schedule 5 Part 5 Chapter 2 para 7(v) from 24 December 2008 and to the extent that Chapter 3A applies to penalties incurred under the Stamp Duties Consolidation Act 1999 before 24 December 2008 which by 24 December 2008 have not been paid, it shall not apply to such penalties which are in the form of interest accrued under any provisions of the act.
2 Substituted by Finance Act 2002 section 129(6)(b)) from 1 September 2002 in respect of an amount due to be paid or remitted, whether before, on or after that date.
(7) The delivery of any statement required by subsection (2) may be enforced by the Commissioners under section 47 of the Succession Duty Act, 1853, in all respects as if such statement were such account as is mentioned in that section and the failure to deliver such statement were such default as is mentioned in that section.
