Section 729 Income tax, foreign tax and tax credit
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(1) Section 77(6) shall not affect the liability to tax of an overseas life assurance company in respect of the investment income of its life assurance fund under section 726 or in respect of the profits of its annuity business under sections 715, 717 and 727.
In computing basic life assurance or general annuity business profits of an Irish branch, can a deduction be given for foreign tax?
(1) In computing basic life assurance business profits, or general annuity business profits of an Irish branch of an overseas life assurance company, no deduction is given for foreign tax suffered.
(2) For the purposes of section 25(3) as it applies to life business, the amount of the income tax referred to in that section which shall be available for set-off under that section in an accounting period shall be limited in accordance with subsections (3) and (4).
As a non-resident company who receives a payment net of Irish income tax, can I offset the income tax withheld against my CT liability?
(2) As a non-resident company that receives a payment net of Irish income tax, you can offset the income tax withheld against your corporation tax liability for the accounting period in which the payment falls (section 25(3)). This right to set off i...
(3) Where the company is chargeable to corporation tax for an accounting period in accordance with section 726 in respect of the income from the investments of its life assurance fund, the amount of income tax available for set-off against any corporation tax assessed for that period on that income shall not exceed an amount equal to income tax at the standard rate on the portion of income from investments which is chargeable to corporation tax by virtue of subsection (4) of that section.
Are there limits to the amount of income tax that can be offset?
(3) Where the Irish branch's charge to corporation tax on the investment income of its basic life assurance fund is based on its proportionate share of your worldwide investment income, the income tax set off must not exceed income tax at the standar...
(4) Where the company is chargeable to corporation tax for an accounting period in accordance with section 727 on a proportion of the total amount of the profits arising from its general annuity business, the amount of income tax available for set-off against any corporation tax assessed for that period on those profits shall not exceed an amount equal to income tax at the standard rate on the like proportion of the income from investments included in computing those profits.
Are there any further restrictions on the offset of income tax?
(4) Where the Irish branch's charge to corporation tax on general annuity business profits is based on its proportionate share of your worldwide general annuity business profits, the income tax set off must not exceed income tax at the standard rate ...
(5) ...
Amendments
Subs (5) repealed by Finance Act 2000 section 69(2) and Schedule 2 Part 2 in the case of income tax as on and from 6 April 1999, and in the case of corporation tax as respects accounting periods commencing on or after 6 April 1999.
(6) Section 828(4) shall not affect the liability to tax under section 726 of an overseas life assurance company in respect of gains from the disposal of investments held in connection with its life business.
(7) ...
Amendments
Subs (7) repealed by Finance Act 2000 section 69(2) and Schedule 2 Part 2 in the case of income tax as on and from 6 April 1999, and in the case of corporation tax as respects accounting periods commencing on or after 6 April 1999.
