Financial Resolution No. 11: Life Assurance Policies and Investment Funds

(1) THAT Chapter 5 of Part 26 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 that Part) on or after 1 January 2013, be amended –
(a) in section 730F(1) –
(i) in paragraph (a)(ii) by substituting “36 per cent” for “33 per cent”, and
(ii) in paragraph (b) by substituting “(S+36) per cent” for “(S+33) 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 1 January 2013, be amended –
(a) in section 730J (a) –
(i) in subparagraph (i)(I) by substituting “33 per cent” for “30 per cent”,
(ii) in subparagraph (i)(II)(A) by substituting “(S+36) per cent” for “(S+33) per cent”,
(iii) in subparagraph (i)(II)(B) by substituting “36 per cent” for “33 per cent”, and
(iv) in subparagraph (ii)(I) by substituting “(H+33) per cent” for
“(H+30) per cent”,
and
(b) in section 730K(1) –
(i) in paragraph (a) by substituting “(S+36) per cent” for “(S+33) per cent”, and
(ii) in paragraph (b) by substituting “36 per cent” for “33 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) of that Act) on or after 1 January 2013, be amended –
(a) in the formula in section 739D(5A)(b) by substituting “(G x 36)” for “(G x 33)”, and
(b) in section 739E(1) –
(i) in paragraph (a)(ii) by substituting “33 per cent” for “30 per cent”,
(ii) in paragraph (b)(ii) by substituting “36 per cent” for “33 per cent”, and
(iii) in paragraph (ba) by substituting “(S+36) per cent” for “(S+33) per cent”.
(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 1 January 2013, be amended –
(i) in section 747D –
(I) in paragraph (a)(i)(I) –
(B) in subclause (B) by substituting “33 per cent” for “30 per cent”,
(II) in paragraph (a)(i)(II) –
(A) in subclause (A) by substituting “(S+36) per cent” for “(S+33) per cent”, and
(B) in subclause (B) by substituting “36 per cent” for “33 per cent,”,
and
(III) in paragraph (a)(ii)(I) by substituting “(H+33) per cent” for “(H+30) per cent”,
and
(ii) in section 747E(1) –
(I) in paragraph (b)(i) by substituting “(S+36) per cent” for “(S+33) per cent”, and
(II) in paragraph (b)(ii) by substituting “36 per cent” for “33 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).