Stamp Duty on the assignment of an insurance policy
The assignment of an insurance policy is chargeable to Stamp Duty at the rate of 0.1% of the consideration. If the risk to which the policy relates is located in Ireland, the charge applies to assignments of both:
- life insurance policies
- and
- non-life insurance policies
Where an assignment is not for valuable consideration (for example, a gift), Stamp Duty is charged on the value of the policy. This rule is subject to certain exceptions. For example, if the purpose of the assignment is securing the repayment of a loan, no Stamp Duty is chargeable.
Where an assignment is chargeable to Stamp Duty, it is necessary to pay the Stamp Duty and file a return. This must be done within 30 days via Revenue’s e-Stamping system.
Where an exemption from Stamp Duty on an assignment applies, you may not need to file a return. For example, an exemption would apply on an assignment between spouses and, in such a case, no return is required. For further information of when a return is required, please see the Tax and Duty Manual Obligation to file a Stamp Duty Return.
For guidance on how to pay and file via Revenue's e-Stamping system, please see the following Tax and Duty Manuals: