Tax liability on life assurance maturity.

[DirectDevil]

Reviewing life assurance with profits endownment policies. Policies taken out in Ireland in 1970s and 1980s. Premiums paid monthly. Due to become claims by maturity during 2021.

Q1. Are the proceeds liable to tax ?

Q2. If yes, how is tax calculated ?

Q3. Although Insurers will return payment details to Revenue do I declare on my return ? (first one paid out recently - no exit fee or deduction)

 

[Steven Barrett]

They'll be net roll up plans with the tax deducted within the fund as they went along. No need to report anything to the Revenue, it's all done by the life company.

Steven
www.bluewaterfp.ie

 

[DirectDevil]

They'll be net roll up plans with the tax deducted within the fund as they went along. No need to report anything to the Revenue, it's all done by the life company.

Steven
www.bluewaterfp.ie

Thank you Steven - that is very helpful information.