Taxes Consolidation Act 1997 section 902B

Powers of inspection: life policies

Section 902B empowers Revenue to investigate classes of life assurance policies where there are grounds to suspect that premiums were paid from untaxed income or gains, and to inspect the relevant policyholder records held by assurance companies.

• A Revenue Commissioner may direct an authorised officer to investigate a class or classes of policies issued by an assurance company, but only where the Commissioner forms the opinion that untaxed funds may have been used to pay premiums on those policies.
• An authorised officer may enter the premises of an assurance company at any reasonable time to inspect a sample of the relevant records for the class or classes of policies under investigation, and may require records to be produced in legible form.
• "Relevant records" covers documents and information in any form, including electronic and photographic storage, but excludes records of a medical nature.
• Any information obtained from such an inspection may only be used for the purpose of enabling an application to be made to a judge of the High Court under section 902A.