Corporation Tax Act, 1976
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Life policies carrying rights not in money. |
48.—Where any investments or other assets are, in accordance with a policy issued in the course of life business carried on by an assurance company, transferred to the policy holder, the policy holder's acquisition of the assets, and the disposal of them to him, shall be deemed to be for a consideration equal to the market value of the assets— | |
(a) for the purposes of the Capital Gains Tax Act, 1975 , and | ||
(b) for the purposes of computing income in accordance with Case I or IV of Schedule D. |