Revenue Note for Guidance

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Revenue Note for Guidance

722 Benefits from life policies issued before 6th April, 1974

This section has application in respect of a policy of life assurance issued before 6 April, 1974 (the introduction of capital gains tax) where the policy is investment linked and it does not provide for the deduction of capital gains tax from the benefits payable.

In such a case the life assurance company which issued the policy can deduct from the benefits payable under the policy the amount of corporation tax on capital gains which accrues to the company from the disposal of investment required to meet the liability to the policyholder.

Relevant Date: Finance Act 2021