Revenue eBrief No. 25/16

02 March 2016

Gross Roll-Up Life Assurance Policies

Section 23 Finance Act 2015 introduced certain amendments in relation to the provision of declarations by non-resident life assurance policyholders. This amendment may result in repayment claims for certain policyholders who became non-resident or non-ordinarily resident in the State subsequent to commencing a life policy. Procedures have been put in place to process these repayment claims for policyholders who:

• were Irish resident when their policies commenced on or after 1 May 2006
  and
• became non-resident and non-ordinarily resident in the State after that date
  and
• suffered exit tax on chargeable events occurring before 31 December 2015.

For more details, please refer paragraph 11.2 in the updated Guidelines and to Tax and Duty Manual Part 26-05-03.