67. Amendment of section 35 (profits of life business) of Corporation Tax Act, 1976.

As of 6 April 1997 this text has repealed

(1) Section 35 of the Corporation Tax Act, 1976, is hereby amended by the insertion after subsection (1A) of the following subsection:

"(1B)

(a) In this subsection -

‘policy of assurance’ means -

(i) a policy of assurance issued by a company (to which subsection (1A) applies) to an individual who, on the date the policy is issued, resides outside the State and who continuously so resides throughout a period of not less than six months commencing on that date, or

(ii) a policy issued or a contract made which is not a retirement benefits policy solely by virtue of the age condition not being complied with;

‘relevant amount’ -

(i) in relation to a policy of assurance, means the amount determined by the formula -

V-P

and

(ii) in relation to a retirement benefits policy, means the amount determined by the formula -

where -

V is the amount or the aggregate of amounts by which the market value of all the entitlements under the policy of assur

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