My client, an Irish tax resident individual, took out a whole of life policy with Friends Life UK on 1/1/1976, when he was resident temporarily in the UK at that time.
He cashed in the policy in January 2017 and the proceeds amounted to €17965(£15592). There was no UK Tax deducted from the policy proceeds.
What is the tax treatment of the proceeds received in Ireland?
Is he only liable to tax on the gains accrued from 20/3/2001 since the policy was in existence before 20/5/1993(s594)?
Does part 26, Chapter 6 TCA 1997 only apply to policies taken out after 1/1/2001 or does it apply to all policies regardless of when taken out?