730H Interpretation and application.
(1) In this Chapter—
“chargeable period” has the same meaning as in section 321(2);
“EEA Agreement” means the Agreement on the European Economic Area signed at Oporto on 2 May 1992, as adjusted by the Protocol signed at Brussels on 17 March 1993;
“EEA state” means a State, other than the State, which is a Contracting Party to the EEA Agreement;
“foreign life policy” means a policy of assurance on the life of a person commenced—
(a) by a branch or agency, carrying on business in an offshore state, of an assurance company, or
(b) by an assurance company carrying on business in an offshore state, other than by its branch or agency carrying on business in the State;
“OECD” means the organisation known as the Organisation for Economic Co-operation and Development;
“offshore state” means a State other than the State which is—
(i)a Member State of the European Communities,
(ii)a State which is an EEA state, or
(iii) a State which is a member of the OECD, the government of which have entered into arrangements having the force of law by virtue of
>section 826< ><;
“relevant payment” means any payment made to a person in respect of a foreign life policy where such payments are made annually or at more frequent intervals, other than a payment made in consideration of the disposal, in whole or in part, of the foreign life policy;
“return of income” has the meaning assigned to it by section 1084;
“specified return date for the chargeable period” has the meaning assigned to it by
“standard rate per cent” has the meaning assigned to it by section 4.
(2) For the purposes of this Chapter—
(a) there shall be a disposal of an asset if there would be such a disposal for the purposes of the Capital Gains Tax Acts,
(b) an income shall be correctly included in a return made by a person, only where that income is included in a return of income made by the person on or before the specified return date for the chargeable period in which the income arises, and
(c) details of a disposal shall be correctly included in a return made by a person, only where details of the disposal are included in a return of income made by the person or, where the person has died, his or her executor or administrator, on or before the specified return date for the chargeable period in which the disposal is made.