UK endowment policy maturing

Foreign Life Policies (Sections 730H, 730I, 730J, 730K TCA 1997) [315]

Where a taxpayer has sold, made withdrawals from, or received any cash or other benefits from a foreign life
assurance policy or a personal portfolio life policy, often referred to as a bond, with a foreign assurance
company, they may have made a gain from a foreign policy. Receipts from policies that issued from an ‘offshore
State’ are taxable income. An offshore State is a country other than Ireland which is a Member State of the
European Union (EU) or European Economic Area (EEA), or any Member State of the Organisation for
Economic Co-operation and Development (OECD) with which Ireland has a Double Taxation Agreement.
A foreign life policy is in general terms one normally issued from outside Ireland. However, a policy taken out
with the Irish branch of an overseas assurance company is treated as an Irish policy provided certain conditions
are met.

Click to expand...