Claiming back tax

UptheDeise

Registered User
Messages
272
Well first up, hi everybody, haven't being around here in ages. Was giving the internet a break and all that.

Anyway, I was wondering could someone help me with the following inquiry.

A family member of mine has a savings/investment policy over the last ten years, where they paid in money on a monthly basis.

He's paid in a total of €45,000 and the fund is now worth approximately €65,000.

He now wants to cash in his fund so....

He will get back €45,000 but he will pay 41% exit tax on the €20,000, which is €8,200.

He is long term unemployed(over three years) and he does not sign on.

So the total amount will be €45,000 + €11,800 (€20,000 - €8,200) = €56,800.

My question is this, can he claim back any tax on the €8,200?

Any information would be greatly appreciated.
 
I don't know on what basis he would be entitled as it is an exit tax on an insurance policy which applies to all those upon exit working and non working policy holders.
 
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