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No reduction in the Exit Tax on Life Assurance policies is a missed opportunity - Insurance Ireland

Responding to the move in Budget 2019 to reduce DIRT tax by 2% and further increase the gap between it and the 41% Exit Tax on gains from Life Assurance funds, Kevin Thompson CEO of Insurance Ireland said, “This is a missed opportunity to reduce the Exit Tax in line with DIRT. Life insurance customers are mostly middle-income individuals and families who try to secure a better life for themselves. They should be encouraged to engage in sound financial planning and not be unduly taxed for choosing an investment policy over bank savings at a time of historically low interest rates on deposits. Insurance Ireland is calling on the Government to use the Finance Bill to reduce the Exit Tax and give a fair deal to middle income investors.”

 

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