Life Assurance Policy Maturity - CGT

Numbers

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Hi there,

In the event of a life assurance policy maturing, is there any CGT liability implications?
 
Have a read for yourself, think you're good though...


http://www.revenue.ie/en/tax/cgt/leaflets/cgt2.html



Are any Capital Gains exempt from CGT?

Gains on the disposal of some assets are specifically exempted from CGT. These include:

  • Gains on the disposal of property owned by you (a house, apartment, etc.) which was occupied by you or by a dependent relative as a sole or main residence. Restrictions may apply where the property was not fully occupied as a main residence throughout the period of ownership or where the sale price reflects development value.
  • Gains from betting, lotteries, sweepstakes, bonuses payable under the National Instalments Savings Scheme and Prize Bond winnings.
  • Gains on Government Stocks and other securities (e.g. securities issued by certain semi-State bodies).
  • Gains on disposal of wasting chattels (e.g. animals, private motor cars, etc.)
  • Gains on Life Assurance policies (unless purchased from another person or taken out with certain foreign insurers on or after 20 May 1993).
  • Gains made by individuals on tangible moveable property (e.g. household furniture) where the consideration does not exceed €2,540.
 
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