Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I move amendment No. 39:

In page 35, between lines 7 and 8, to insert the following:“(2) (a) Subsection (1) shall apply to any life policy (within the meaning of Part 26 of the Principal Act) commenced on or after 1 May 2006.

(b) As respects chargeable events occurring on or prior to 31 December 2015 in relation to policies referred to in paragraph (a), section 865(4) of the Principal Act shall apply as if the reference in that subsection to the making of a claim within 4 years after the end of the chargeable period to which the claim relates was a reference to the making of a claim within 4 years after the end of the chargeable period ending on 31 December 2016.”.

This amendment relates to a technical amendment to section 21 of the Bill to ensure that the provision operates as intended. Section 21 of the Bill amends section 730E(2) of the Taxes Consolidation Act 1997 by removing the requirement that a declaration of non-residence must be completed by a policy holder at or about the time of the inception of a life policy.

The amendment in section 21 is intended to have effect in regard to policies taken out on or after 1 May 2006 to enable those policy holders, who were resident when their policies commenced and who have since become non-resident, perhaps through emigration, to claim a refund of exit tax suffered while they were non-resident. The new subsection is therefore necessary to give effect to the intention of these provisions. In addition, a related technical amendment is made to ensure that the four year limitation on the timing for the making of a claim for repayment of tax does not prevent policy holders from making a claim.