DAC6 - a EU tax directive

Here we summarise reporting requirements under DAC6 and describe how its implementation will affect our policyholders and their advisers.

DAC6 is the most recent amendment to EC Council Directive on Administrative Cooperation 2011/16/EU which came into force on 25th June 2018.

Under DAC6, legal advisors, tax advisors, intermediaries and financial institutions among others may have reporting responsibilities when advising upon or entering a cross border arrangement. A cross border arrangement occurs when the participants in the arrangement are tax resident in jurisdictions outside of Ireland.

SEB Life International insurance products are standardised unit linked policies. As the policies are issued from Ireland to clients living elsewhere, that is cross border, each product will be treated as a reportable cross border arrangement.

This is the process for reporting

The promotors and/or service providers of cross border arrangements are responsible for the relevant DAC6 reporting.

SEB Life International will undertake all standard product arrangement reporting to the Irish Revenue Commissioner, which is Ireland’s tax authority. The Irish Revenue Commissioner will then pass this information to the tax authority in the country of the policyholder’s tax residence.

Information on product arrangements