Capital Acquisitions Tax Act, 1976

When interest in assurance policy becomes interest in possession.

32.—(1) For the purposes of this Act, an interest in a policy of assurance upon human life shall be deemed to become an interest in possession when and only when, either—

(a) the policy matures; or

(b) prior to the maturing of the policy, the policy is surrendered to the insurer for a consideration in money or money's worth:

Provided that if, during the currency of the policy, the insurer makes a payment of money or money's worth, in full or partial discharge of the policy, the interest shall be deemed to have come into possession to the extent of such payment.

(2) This section shall have effect in relation to a contract for a deferred annuity, and for the purposes of this section such a contract shall be deemed to mature on the date when the first instalment of the annuity falls due.