Taxes Consolidation Act 1997 section 730E

Declarations

Section 730E sets out the content and form of the declarations that must be made to an assurance company in order for a life policy to be exempt from exit tax on the happening of a chargeable event.

• The "policyholder" means the beneficial owner of the policy rights, the person who created the trust under which the rights are held, or the debtor where the rights are held as security for a debt.
• Separate declarations are required from non-resident policyholders, from exempt Irish-resident entities (such as life companies, investment undertakings, charities, pension schemes, credit unions and NAMA), and from qualifying savings managers in respect of policies held within special savings incentive accounts.
• Where a life policy is owned by two or more persons, the gain arising on a chargeable event is apportioned between them in proportion to their respective shares in the policy rights.
• The assurance company must retain all declarations for six years after the life policy to which the declaration relates has ceased.