Eire Offshore Chargeable Event

Eire Offshore Chargeable Event

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Has anyone had a client with a chargeable event Certificate from Eire

Revenue Manuals explain that a notional UK tax credit is available if the tax systems for insurers in Eire in the same as the UK.  ( mentions I minus E )

'The result is that basic rate tax is only treated as paid when the insurer is taxed on the investment return accruing for the benefit of the policyholders under the so-called ‘I minus E’ system. Some countries within the European Economic Area employ similar systems.IPTM3810  IPTM 3

IPTM3810 IPTM3810  'IPTM 3810

Does anyone know whether the taxing of insurers in Ireland and UK are similar and there is chance we can claim the tax credit . Or if there is a list of EEA countries to which this refers . HMRC and the Insurance company were not helpful .

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By mickey09
05th Aug 2011 11:33

Gains on foreign life insurance policies

Here is a link to HMRC's Helpsheet 321, http://www.hmrc.gov.uk/helpsheets/hs321.pdf

It states, 'If the policy is from the UK branch of a foreign insurer, then basic rate tax is treated as paid. It may also be possible that the gain should be treated as if basic rate tax has been paid on it for some policies from insurers resident in other European States if the insurer has been taxed on the investments underlying the policy.'

I would suggest that you call the insurer and speak to their tax department. They should be able to provide you with a quick answer as to whether a tax credit will be avaliable.

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