Financial Resolution No. 11 gives statutory effect to the budget announcement that the rates of tax applying to life assurance policies and investment funds are to be increased, with effect from 1 January next. This amendment applies to the rates of exit taxes on domestic life assurance policies and investment undertakings under the gross roll-up regime introduced in the Finance Act 2000. It also increases the rates of tax that apply to profits and gains on life assurance policies and investment funds in other EU member states, the EEA states and the OECD countries, in respect of which Ireland has a double taxation agreement.

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