Taxes Consolidation Act 1997 section 730FA

Assessment of appropriate tax where tax not deducted under section 730F

Section 730FA set out special collection measures for the 20 per cent additional charge on personal portfolio life policies where chargeable events occurred between 26 September 2001 and 5 December 2001 and the assurance company had not deducted the full amount of appropriate tax.

• Where an assurance company did not deduct or realise sufficient assets to cover the full appropriate tax on a personal portfolio life policy during the bridging period, it was required to make a return to Revenue by 31 December 2001 containing specified policyholder and policy details.
• The assurance company could be made liable for any unpaid appropriate tax if it failed to deliver a correct return on time, in addition to any other penalties.
• The policyholder or person who received the policy proceeds could be directly assessed for any appropriate tax that remained unpaid.
• Assessments could be amended within six years from 31 December 2001, and any tax assessed was due within one month after the notice of assessment issued.