Hi all,
I just have a query in relation to exit tax that I'm wondering if someone could help with?
My mother holds an annuity with Irish Life and is currently charged 41% on all profits of the policy when she is making any withdrawals on same.
This policy was originally held with Canada Life and was taken out in joint names with my father in 1997. My father passed away in 2011 and last year the policy moved across from Canada Life to Irish life (alongside all other existing Canada Life policies).
As far as I am aware, this exit tax should only effect policies or plans issued AFTER the 1st of January 2001.
My mother has only noticed the exit tax in the last few years and I was just wondering would the passing of the other policy holder (my father) have meant that the annuity is now subject to exit tax?
It just seems a little strange to me and just wanted to check had anyone experienced anything similar or even a pointer in the right direction!
Any help / guidance would be greatly appreciated.
Many thanks,
I just have a query in relation to exit tax that I'm wondering if someone could help with?
My mother holds an annuity with Irish Life and is currently charged 41% on all profits of the policy when she is making any withdrawals on same.
This policy was originally held with Canada Life and was taken out in joint names with my father in 1997. My father passed away in 2011 and last year the policy moved across from Canada Life to Irish life (alongside all other existing Canada Life policies).
As far as I am aware, this exit tax should only effect policies or plans issued AFTER the 1st of January 2001.
My mother has only noticed the exit tax in the last few years and I was just wondering would the passing of the other policy holder (my father) have meant that the annuity is now subject to exit tax?
It just seems a little strange to me and just wanted to check had anyone experienced anything similar or even a pointer in the right direction!
Any help / guidance would be greatly appreciated.
Many thanks,