902B Power of inspection: life policies

Section 902B empowers Revenue to inspect, at the premises of a life assurance company, the records held by the company relating to a sample of policies and the policyholders to whom they were issued. A Revenue official can only use this power if directed by a Revenue Commissioner to investigate a class or classes of policies issued by the assurance company and the policyholders thereof. A Revenue Commissioner can only issue such a direction if he or she forms the opinion that there are circumstances that suggest that untaxed funds have been invested in a class or classes of policies issued by the assurance company concerned. Any information obtained from an inspection, under section 902B, of the records of a life assurance company can only be used to enable an application to be made to a judge of the High Court under section 902A.

Relevant Date: Finance Act 2021