787I Exemption of PRSA

Income arising to a PRSA from investments (including dealings in financial futures and traded options) or deposits and from certain underwriting commissions are exempt from income tax. The exemption for underwriting commissions applies only to those chargeable to tax under Case IV of Schedule D, that is, casual transactions. Accordingly, it does not apply to the profits of an organised trade of underwriting which would be chargeable under Case I of Schedule D.

Relevant Date: Finance Act 2021