Taxes Consolidation Act 1997 section 730H

Interpretation and application

Section 730H defines the key terms and interpretive rules used throughout the Chapter dealing with the taxation of foreign life policies.

• A foreign life policy is a life assurance policy issued by an assurance company, or its branch or agency, carrying on business in an offshore state — meaning a state outside Ireland that is an EU member state, an EEA state, or an OECD member state with which Ireland has a double taxation agreement.
• A relevant event occurs at the end of each relevant period, which is a recurring eight-year cycle beginning with the inception of the policy; a relevant payment is any regularly recurring payment from the policy, excluding payments made on a full or partial disposal.
• The capital gains tax rules governing when a disposal of an asset occurs apply equally to determining when there is a disposal of a foreign life policy.
• Income or disposal details are only regarded as correctly included in a return if filed on or before the specified return date for the chargeable period in which the income arises or the disposal is made.