Finance Act 2008

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Amendment of section 730D (gain arising on a chargeable event) of Principal Act.

38.— (1) Section 730D of the Principal Act is amended in subsection (2A)(b)—

(a) by substituting the following for subparagraph (i):

“(i) (I) (A) the assurance company which commenced the life policy has established a branch in an offshore state, and

(B) the commitment represented by that life policy is covered by that branch,

or

(II) (A) the assurance company which commenced the life policy underwrites the business from the State on a freedom of services basis under Regulation 50 of the European Communities (Life Assurance) Framework Regulations 1994 ( S.I. No. 360 of 1994 ) or other equivalent arrangement in an EEA state, and

(B) the policyholder resides in an offshore state,

and”,

and

(b) by deleting subparagraph (ii).

(2) This section applies on and from the date of the passing of this Act.