Exemption of Certain Policies of Assurance
Legislation - Section 74, Capital Acquisitions Tax Consolidation Act 2003.
Certain policies of life assurance issued by companies located in the International Financial Services Centre and by domestic life companies are exempt from Capital Acquisitions Tax. In order to qualify for the exemption the disponer and beneficiary must both be domiciled and resident abroad. However, if the policy was purchased prior to 15 February, 2001, it is sufficient that the proper law at the date of the disposition is foreign even if the disponer is domiciled and resident in Ireland.