Finance Act, 1969

Income of foreign life assurance fund.

5.—(1) Section 76 of the Income Tax Act, 1967 , is hereby amended by the insertion, after subsection (6), of the following subsections:

“(7) Where—

(a) any securities issued by the Minister for Finance with a condition in the terms specified in section 464, or

(b) any stocks or other securities to which section 474 applies and which are issued with either or both of the conditions specified in subsection (2) of that section,

for the time being form part of the investments of the foreign life assurance fund of an assurance company, the income arising from any of those stocks or securities, if applied for the purposes of that fund or reinvested so as to form part of that fund, shall not be liable to tax.

(8) Where the Revenue Commissioners are satisfied that any income arising from the investments of the foreign life assurance fund of an assurance company has been remitted to the State and invested, as part of the investments of that fund, in any stocks or securities issued as aforesaid, that income shall not be liable to tax and any tax paid thereon shall, if necessary, be repaid to the company.”.

(2) Where an assurance company having its head office in the State carries on business in Northern Ireland or Great Britain and under provisions of the law therein corresponding with section 237 of the Income Tax Act, 1967 , exemption from income tax is allowable in respect of income from investments and deposits referable to pension annuity business, section 76 of the Income Tax Act, 1967 , shall apply in relation to the income as if paragraphs 1 (1) and 2 of Part III of the Sixth Schedule to that Act did not have effect.

(3) Paragraph 1 (2) of Part III of the said Schedule shall have effect subject to subsection (2) of this section.

(4) Section 214 (5) of the Income Tax Act, 1967 , shall apply as if the reference therein to income included a reference to income relieved from tax under this section.

(5) Section 237 (3) of the Income Tax Act, 1967 , is hereby amended by the substitution of “subsection (3), (7) or (8) of section 76” for “section 76 (3)”.