Taxes Consolidation Act 1997 Schedule 2B, paragraph 3

Declaration of company carrying on life business

Schedule 2B, paragraph 3 sets out the requirements for a declaration by a company carrying on life business, which allows an investment undertaking to pay gains without deducting exit tax.

• A life assurance company (within the meaning of section 706) may provide a written declaration to an investment undertaking to receive gains without exit tax being deducted.
• The declaration must be made and signed by the person entitled to the units, in a form prescribed or authorised by the Revenue Commissioners.
• The declaration must confirm that the unitholder is a company carrying on life business and must include the company's name and tax reference number.
• The Revenue Commissioners may require any additional information they consider reasonably necessary for the purposes of the investment undertaking rules.