Finance Act 2005
|
Amendment of section 72 (relief in respect of certain policies of insurance) of Principal Act. |
133.—(1) Section 72 of the Principal Act is amended— | |
(a) in subsection (1)— | ||
(i) before the definition of “insured”, by inserting the following definition: | ||
“ ‘approved retirement fund tax’ means tax which a qualifying fund manager is obliged to deduct in accordance with the provisions of section 784A(4)(c) of the Taxes Consolidation Act 1997 ;”, | ||
and | ||
(ii) in the definition of “relevant tax”, by substituting “means approved retirement fund tax and inheritance tax” for “means inheritance tax”, | ||
and | ||
(b) in subsection (2), by inserting the following after paragraph (b): | ||
“(c) For the purposes of this section, an amount of the proceeds of a qualifying insurance policy equal to the amount of approved retirement fund tax shall be treated as applied in paying relevant tax of that amount.”. | ||
(2) This section has effect in relation to relevant tax payable in respect of inheritances taken on or after 3 February 2005. |