Section 730GB Capital acquisitions tax: set-off
|
Amendments
Section 730GB substituted by Finance Act 2003 section 57(f) from 1 January 2001.
Where on the death of a person, an assurance company is liable to account for appropriate tax (within the meaning of section 730F(1)) in connection with a gain arising on a chargeable event in relation to a life policy, the amount of such tax, in so far as it does not exceed the amount of appropriate tax to which the assurance company would be liable if that tax was calculated in accordance with section 730F(1)(a), shall be treated as an amount of capital gains tax paid for the purposes of [section 104 of the [Capital Acquisitions Tax Consolidation Act 2003]1]2.
Amendments
1 Substituted by Finance Act 2008 section 141 and Schedule 8 para 1(o) on and from 13 March 2008.
2 Substituted by Capital Acquisitions Tax Consolidation Act 2003 section 119 and Schedule 3.
Can exit tax be offset against CAT on the same event?
Exit tax payable on the death of a person can be treated as capital gains tax which can be credited up to the amount of the capital acquisitions tax on the same event. In such circumstances, the exit tax is calculated at the 23% rate and not the high...
