Taxes Consolidation Act 1997 section 730G

Returns and collection of appropriate tax

Section 730G sets out the rules governing the time and manner in which appropriate tax (exit tax) on life policy chargeable events must be returned, paid and collected by assurance companies.

• An assurance company must file two exit tax returns each year: one by 30 July covering chargeable events from 1 January to 30 June, and one by 30 January covering chargeable events from 1 July to 31 December, with nil returns required where no tax is due.
• The tax shown on the return is self-assessed and payable by the filing deadline without the need for a Revenue assessment, but inspectors may raise assessments where tax is unpaid, underpaid or incorrectly returned.
• Tax due under an assessment must be paid within one month of the notice of assessment, subject to appeal rights to the Appeal Commissioners, and interest accrues on late payments at a daily rate of 0.0274% from 1 July 2009 onwards.
• The income tax collection and recovery provisions apply to exit tax, and the return must be made on a prescribed Revenue form with a signed declaration that it is correct and complete.