Finance Act, 1984
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Amendment of section 92 (levy on certain premiums of insurance) of Finance Act, 1982. |
98.— Section 92 of the Finance Act, 1982 , is hereby amended by the insertion after subsection (7) of the following subsection: | |
“(8) (a) In this subsection— | ||
‘life insurance amount’ means so much of an assessable amount as consists of relevant premiums received on or after the 1st day of July 1984, in respect of business in classes I, II, III, IV, V, VI, VIII, and IX of the Annex to First Council Directive 79/267/EEC of 5 March 1979 (OJ No. L 63,13/3/1979); | ||
‘relevant premium’ means— | ||
(i) in the case of a contract of insurance made on or after the 1st day of July, 1983, a premium or part of a premium received in pursuance of the contract in the period of twelve months from the date on which the first payment of the premium or part of the premium is made, and | ||
(ii) in the case where a premium under a contract of insurance, whensoever made, is increased, the amount by which the premium is increased and which is received in the period of twelve months from the date on which the first payment of the increased amount or part of the increased amount is made. | ||
(b) An insurer shall, within 30 days from the end of the quarter ending on the 30th day of September, 1984, and within 30 days from the end of each quarter thereafter, deliver to the Revenue Commissioners a statement in writing showing the life insurance amount for that insurer for that quarter. | ||
(c) There shall be charged on every statement delivered in pursuance of paragraph (b) of this subsection a stamp duty of an amount equal to one and two-thirds per cent. of the life insurance amount shown therein. | ||
(d) Subsections (4), (5), (6) and (7) of this section shall apply to any statement required by paragraph (b) of this subsection to be delivered by an insurer in all respects as if such statement were a statement in respect of an assessable amount. | ||
(e) In relation to the quarter ending on the 30th day of September, 1984, and each subsequent quarter, any premiums received by an insurer in respect of business in the classes referred to in the definition of ‘life insurance amount’ shall not be included in the assessable amount for the purposes of subsections (2) and (3) of this section.”. |