Financial Resolution No. 8: Life Assurance Policies and Investment Funds
(1) THAT section 730F(1) of the Taxes Consolidation Act 1997 (No. 39 of 1997), as respects the happening of a chargeable event in relation to a life policy (within the meaning of Chapter 5 of Part 26) on or after 8 April 2009, be amended—
(a) by substituting the following for paragraph (a):
"(a) subject to paragraph (b), where the chargeable event falls on or after 1 January 2001, at the rate of 28 per cent,",
and
(b) in paragraph (b) by substituting "(S+28) per cent" for "(S+26) per cent".
(2) THAT Chapter 6 of Part 26 of the Taxes Consolidation Act 1997, as respects the receipt by any person of a payment in respect of a foreign life policy (within the meaning of Chapter 6 of that Part) or the disposal in whole or in part of a foreign life policy (within that meaning) on or after 8 April 2009, be amended—
(a) in section 730J (a)—
(i) by substituting the following for clause (I) of subparagraph (i):
"(I) where the payment is a relevant payment, at the rate of 25 per cent, and",
(ii) in clause (II)(A) of subparagraph (i) by substituting "(S+28) per cent" for "(S+26) per cent",
(iii) by substituting the following for clause (II)(B) of subparagraph (i):
"(B) in any other case, at the rate of 28 per cent,",
and
(iv) in clause (I) of subparagraph (ii) by substituting "(H + 25) per cent" for "(H + 23) per cent",
and
(b) in section 730K –
(i) in subsection (1) by deleting "the rate determined by the formula" where it first occurs,
(ii) in paragraph (a) of subsection (1) by substituting "(S+28) per cent" for "(S+26) per cent", and
(iii) by substituting the following for paragraph (b) of subsection (1):
"(b) in any other case, at the rate of 28 per cent.".
(3) THAT Chapter 1A of Part 27 of the Taxes Consolidation Act 1997, as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 8 April 2009, be amended—
(a) in section 739D by substituting the following for subsection (5A):
"(5A) The amount referred to in subsection (2)(dd) is the amount determined by the formula—
100
A × G ×
100 — (G × 28)
where—
A is the appropriate tax payable on the transfer by a unit holder of entitlement to a unit in accordance with subsection (2)(d), and
G is the amount of the gain on that transfer of that unit divided by the value of that unit.",
(b) in section 739E(1)—
(i) by substituting the following for paragraph (a):
"(a) subject to paragraph (ba), where the amount of the gain is provided by section 739D(2)(a), at the rate of 25 per cent,",
(ii) by substituting the following for paragraph (b):
"(b) subject to paragraph (ba), where the chargeable event happens on or after 1 January 2001 and the amount of the gain is provided by paragraph (b), (c), (d), (dd) or (ddd) of section 739D(2), at the rate of 28 per cent,", and
(iii) in paragraph (ba) by substituting "(S+28) per cent" for "(S+26) per cent", and
(c) in section 739G(2)(c) by substituting "specified in" for "determined in accordance with".
(4) THAT Chapter 4 of Part 27 of the Taxes Consolidation Act 1997, as respects—
(a) the receipt by any person of a payment in respect of a material interest in an offshore fund (within the meaning of Chapter 4 of that Part), or
(b) the disposal in whole or in part of a material interest in an offshore fund (within that meaning), on or after 8 April 2009, be amended—
(i) in section 747D—
(I) in paragraph (a)(i)(I)—
(A) in subclause (A) by substituting "(S+28) per cent" for "(S+26) per cent" , and
(B) by substituting the following for subclause (B):
"(B) in any other case, at the rate of 25 per cent,",
(II) in paragraph (a)(i)(II)(A) by substituting "(S+28) per cent" for "(S+26) per cent",
(III) by substituting the following for paragraph (a)(i)(II)(B):
"(B) in any other case, at the rate of 28 per cent," and
and
(IV) in paragraph (a)(ii)(I) by substituting "(H+25) per cent" for "(H+23) per cent",
and
(ii) in section 747E(1)—
(I) in paragraph (b) by deleting "the rate determined",
(II) in paragraph (b)(i)—
(A) by inserting "the rate determined" before "by the formula", and
(B) by substituting "(S+28) per cent" for "(S+26) per cent", and
(IIl) by substituting the following for paragraph (b)(ii):
"(ii) in any other case, at the rate of 28 per cent."
(5) IT is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act 1927 (No. 7 of 1927).