Life Assignment of Life Policy signed by revenue?

L

Lauren

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I have received a request from my mortgage provider ICS for me to send in an assignment of life policy form as the one they were supposed to have on file has been mislaid (no apology by the way!). However the request also says that the form should be signed and stamped by revenue. Why is this and who in revenue would sign it? I phoned ICS and they were vague to say the least.
 
As far as i can recall Assignment of Life policies attract stamp duty and this is done by sending the document to the Stamps Office of the Revenue commissioners. It does not attract full stamp duty as the Mortgage over the title deeds will be so stamped and the Assignment is collaterally stamped which costs a few euros. Sorry for being a bit vague.
 
Thank you for taking the time to respond but I'm really not sure what you mean....Anyone any ideas? Given that the original one was lost I'm loathe to pay any more tax or stamp duty!
 
This is not something you are responsible for - the bank needs to do the stamping itself. You may have inadvertently been sent some internal instructions
 
In the past the banks passed on to customers thecost of the revenue stamping. Really if it was me i would sign the Deed of Assignment having checked it related to the policy in question and tell the bank i would not be liable for any outlay/costs involved.
 
There is no stamping required anymore on deeds of assignment by the revenue. It used to cost £10. It ceased sometime in the 90's if memory serves me correctly.
 
Important thing is that the Assignment deed is signed and the mortgage lender then informs the relative Insurance company that the policy has been assigned to them so that in event of it becoming payable the mortgage lender can collect the proceeds
 
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