IREFs
TAXES CONSOLIDATION ACT
Irish real estate funds (ss. 739K-739X)
739K.
Interpretation.
(1)In this Chapter –
“accounting period” means the period for which an investment undertaking or sub-fund, as the case may be, makes up its accounts and subsections (2) and (3) of section 27 shall have application for the purposes of determining the accounting period of an investment undertaking or sub-fund;
“accrued IREF profits” means the IREF profits, including any retained IREF profits, that have arisen and accrued to a unit since that unit was acquired by the person who, on the happening of an IREF taxable event, is the unit holder;
“arrangement” includes any agreement, understanding, scheme, course of action, course of conduct, transaction or series of transactions;
“balance sheet” means the balance sheet, statement of financial position or equivalent prepared in respect of an investment undertaking or sub-fund, as the case may be, in accordance with international accounting standards or alternatively in accordance with the generally accepted accounting practice specified in the investment undertaking’s prospectus;
“connected” has the meaning assigned to it in section 10;
“EEA state” means a state, not being a Member State or the State, which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by the Protocol signed at Brussels on 17 March 1993;
“income statement” means the profit and loss account, income statement or equivalent prepared in respect of an investment undertaking or sub-fund, as the case may be, in accordance with international accounting standards or alternatively in accordance with the generally accepted accounting practice specified in the investment undertaking’s prospectus;
“IREF” means an investment undertaking or, where that investment undertaking is an umbrella scheme, a sub-fund of an investment undertaking –
(a)in which 25 per cent or more of the value of the assets at the end of the immediately preceding accounting period is derived directly or indirectly from IREF assets, or
(b)where paragraph (a) does not apply, it would be reasonable to consider that the main purpose, or one of the main purposes, of the investment undertaking or the sub-fund, as the case may be, was to acquire IREF assets or to carry on an IREF business,
other than an investment undertaking within the meaning of paragraph (b) of the definition of “investment undertaking” in section 739B, and where this Chapter applies to a sub-fund of an umbrella scheme, for the purposes of the calculation, assessment and collection of any tax due under this Chapter, each sub-fund of such umbrella scheme shall be treated as a separate legal person;
“IREF assets” means one or more of the following held by an IREF:
(a)relevant assets (within the meaning of section 29(1A));
(b)shares in a REIT (within the meaning of Part 25A);
(c)shares deriving their value or the greater part of their value directly or indirectly from the assets referred to in paragraph (a) or (b), other than shares quoted on a stock exchange, which are actively and substantially traded on such stock exchange, except as provided for in paragraph (b) of this definition;
(d)specified mortgages (within the meaning of section 110(5A)), other than those which –
(i)are issued by a qualifying company as part of a CLO transaction, a CMBS/RMBS transaction or a loan origination business (each within the meaning of section 110), or
(ii)form part of a loan origination business of the IREF, and any necessary amendments to the definition of “loan origination” shall be made so that it applies to a business carried on by an IREF rather than a qualifying company;
(e)units in an IREF;
“IREF business” means activities involving IREF assets, the profits or gains of which, apart from section 739C, would be chargeable to income tax, corporation tax or capital gains tax, including, but without limitation to the generality of the preceding words, activities which would be regarded as –
(a)dealing in or developing land, or
(b)a property rental business;
“IREF excluded profits” means –
(a)[deleted]
(b)in relation to shares, within the meaning of paragraph (c) of the definition of “IREF assets”, any distribution made in relation to those shares, and
(c)in relation to shares, within the meaning of paragraph (b) of the definition of “IREF assets”, any profits or gains other than –
(i)property income dividends, or
(ii)distributions in respect of gains accruing on the disposal of assets of the property rental business of the REIT or group REIT concerned, as the case may be,
in relation to those shares;
“IREF profits” means the profits and gains of an IREF business as shown in the income statement of the IREF, any amount of the profits and gains realised on the disposal of an IREF asset (other than those referred to in paragraphs (b) to (e) of the definition of “IREF assets”) not otherwise shown in the income statement and excluding IREF excluded profits;
“IREF taxable amount”, in relation to an IREF taxable event and a unit holder, means an amount calculated in accordance with section 739L;
“IREF taxable event” in respect of a unit holder means –
(a)the making of a relevant payment,
(b)the cancellation, redemption or repurchase of units from a unit holder, including on a liquidation,
(c)any exchange by a unit holder of units in a sub-fund of an investment undertaking for units in another sub-fund of that investment undertaking,
(d)the issuing of units as paid-up, otherwise than by the receipt of new consideration,
(e)an IREF ceasing to be an IREF including on it ceasing to be an investment undertaking or on it ceasing to have 25 per cent of its value derived from IREF assets,
(f)the disposal of a unit by a unit holder, other than in circumstances that would give rise to an IREF taxable event under paragraph (b) or (c), or
(g)the sale or transfer of the right to receive any of the accrued IREF profit without the sale or transfer of the unit to which the accrued IREF profit relates or where the accrued IREF profit in respect of the unit becomes receivable otherwise than by the unit holder;
“IREF withholding tax”, in relation to an IREF taxable event, means a sum representing income tax at a rate of 20 per cent on the IREF taxable amount;
“market value” shall be construed in accordance with section 548;
“PEPP”, has the same meaning as in Chapter 2D of Part 30;
“PRSA” means a Personal Retirement Savings Account within the meaning of section 787A;
“purchased IREF profits” means the IREF profits, including any retained IREF profits, which have arisen and accrued to a unit prior to that unit being acquired by the unit holder;
“qualifying intermediary” means an intermediary (within the meaning of section 739B(1)) who is authorised by the Central Bank of Ireland under –
(a)before 3 January 2018, the European Communities (Markets in Financial Instruments) Regulations 2007 (S.I. No. 60 of 2007), and
(b)on and after 3 January 2018, the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017);
“relevant payment”, means a payment including a distribution, whether in cash or non-cash, made to a unit holder by an IREF by reason of the rights conferred to the unit holder as a result of holding a unit or units in the IREF, other than a payment made in respect of the cancellation, redemption or repurchase of a unit;
“retained IREF profits” means the portion of the retained profits of the investment undertaking attributable to the IREF profits, and where those profits arose in an accounting period which commenced prior to 1 January 2017 or 20 October 2016, as the case may be, those profits shall be the profits which would be IREF profits if they arose in an accounting period which commenced on or after that date;
“specified person” means a unit holder in respect of which a gain is not treated as arising to an investment undertaking on the happening of a chargeable event under subsection (6) (other than paragraphs (cc), (e), and (kb)), (7), (7A) (as it applies to a declaration made under subsection (6) or (7)), (7B) (as it applies to a declaration made under subsection (7) or (9)), (8), (8A), (8D), (8E), (9) or (9A) of section 739D, but shall not, subject to section 739M, include –
(a)a fund approved under section 774, 784(4) or 785(5), an approved retirement fund within the meaning of section 784A, an approved minimum retirement fund within the meaning of section 784C, a PRSA (including a vested PRSA within the meaning of section 790D(1)), a PEPP (including a vested PEPP within the meaning of 790D(1)) or a person exempt from income tax under section 790B (collectively referred to in this Chapter as ‘pension schemes’),
(b)an investment undertaking, or, where appropriate, a sub-fund that is a unit holder in another sub-fund of the same umbrella scheme,
(c)a company carrying on life business (within the meaning of section 706),
(d)a person who is exempt from –
(i)income tax under Schedule D by virtue of section 207(1)(b), or
(ii)corporation tax by virtue of section 207(1)(b) as it applies for the purposes of corporation tax under section 76(6),
(e)a credit union,
(f)a pension scheme, undertaking or company equivalent to those referred to in paragraphs (a) to (c), authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to those applied to those pension schemes, undertakings or companies, as the case may be, in the State, or
(g)a qualifying company, within the meaning of section 110,
where the IREF is in possession of a valid declaration made by the unit holder or, where applicable under subsection (1A), by the qualifying intermediary, in accordance with Schedule 2C, immediately before the IREF taxable event;
“TIN” has the meaning assigned to it in section 891F and includes a tax reference number as defined in section 891B;
“umbrella scheme” has the meaning given to it in section 739B;
“value of an IREF taxable event” in relation to an IREF taxable event within the meaning of –
(a)paragraph (a) of the definition of “IREF taxable event”, means the value of the relevant payment,
(b)paragraphs (b), (c), (d), (e) and (f) of the definition of “IREF taxable event”, means the market value of the unit less any amount subscribed for that unit, and
(c)paragraph (g) of the definition of “IREF taxable event”, means the amount of the accrued IREF profits sold or transferred .
(1A)A qualifying intermediary who carries on a trade which consists of, or includes, the holding in a nominee capacity of units in an IREF, that is not a personal portfolio IREF, on behalf of unit holders (that come within paragraphs (a), (d) or (e) of the definition of “specified person”, or within paragraph (f) of that definition pursuant to its reference to paragraph (a) thereof), may make a declaration in accordance with Schedule 2C, on behalf of those unit holders in respect of that IREF.
(2)In calculating the portion of the value of assets of an investment undertaking or sub-fund attributable to IREF assets for the purposes of determining whether or not an investment undertaking or sub-fund is an IREF –
(a)account shall not be taken of any arrangement that –
(i)involves a transfer of assets, other than IREF assets, from a person connected with –
(I)the investment undertaking or sub-fund, as the case may be,
or
(II)a unit holder in the investment undertaking or sub-fund, and
(ii)the main purpose or one of the main purposes of which is the avoidance of tax under this Chapter,
and
(b)regard shall be had to the gross value of the assets of which the IREF asset is part.
739KA.
Associated enterprises.
(1)In this section and section 739LC –
“connected” has the same meaning as in section 10, subject to the modification that references in section 10 to “control” shall be read as if they were references to control within the meaning of subsection (4) of this section;
“deposit” means a sum of money paid to an enterprise on terms under which it, or any part of it, may be repaid with or without interest and either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person to whom it is made, notwithstanding that the amount to be repaid may be to any extent linked to or determined by changes in a stock exchange index or any other financial index;
“enterprise” means an entity or an individual;
“entity” means –
(a)a person (other than an individual),
(b)an investment undertaking, subject to subsection (2),
(c)a pension scheme,
(d)an offshore fund (within the meaning of section 743(1)), or
(e)any other agreement, undertaking, scheme or arrangement, whether established or created under the law of the State or of a territory other than the State,
that would, for the purposes of the Tax Acts, be regarded as –
(i)carrying on any of the activities referred to in paragraph (b), (c) or (d) of subsection (4), or
(ii)advancing amounts, making funds available or receiving interest as referred to in subsections (3) and (4) of section 739LC;
“member” in relation to a pension scheme, means –
(a)an employer or employee, in respect of a scheme referred to in section 774,
(b)an individual referred to in section 784(1)(a), 784A(1)(b), 784C(2) or 785(1),
(c)a contributor, within the meaning of section 787A, in respect of a PRSA, or
(d)a contributor, within the meaning of Chapter 2D of Part 30, in respect of a PEPP;
“significant influence in the management of”, in relation to an entity, means the ability to participate in the financial and operating decisions of that entity.
(2)Where the entity referred to in paragraph (b) of the definition of “entity” is an umbrella scheme, regard shall be had to each sub-fund of that umbrella scheme and the unit holders of that sub-fund, as if that sub-fund was an entity in its own right.
(3)For the purposes of this section and section 739LC, an enterprise shall be treated as an associate of another enterprise where –
(a)one of the 2 enterprises has control of the other enterprise, or both enterprises are under the control of the same enterprise or enterprises,
(b)one enterprise is connected with the other enterprise,
(c)those enterprises are associated within the meaning of section 739D(1)(a), where those enterprises are investment undertakings or similar entities established under the laws of a territory other than the State,
(d)one enterprise is a pension scheme and the other enterprise is a member of that scheme, or
(e)one enterprise is a scheme, similar to a pension scheme, that is established under the laws of a territory other than the State and the other enterprise is a member of that scheme.
(4)For the purposes of this section, an enterprise shall be taken to have control of an entity if one or more than one of the following conditions are satisfied:
(a)where the enterprise is an entity, and –
(i)both entities are included in the same consolidated financial statements prepared under –
(I)international accounting standards, or
(II)Irish generally accepted accounting practice,
or
(ii)both entities –
(I)are not included in the same consolidated financial statements, or
(II)are included in consolidated financial statements prepared under an accounting practice referred to in paragraph (a)(i)(I),
but would, if consolidated financial statements were prepared under the accounting practice referred to in paragraph (a)(i)(I), be included in the same consolidated financial statements;
(b)where that enterprise exercises, or is able to exercise or is entitled to acquire, control, whether direct or indirect, over the entity’s affairs and, in particular, but without prejudice to the generality of the foregoing –
(i)if such enterprise possesses or is entitled to acquire (other than in the circumstances described in section 739LC(4)) –
(I)not less than 25 per cent of the –
(A)issued share capital of a company, or
(B)units of an investment undertaking,
(II)not less than 25 per cent of the voting power in the entity, or
(III)such rights as would if the whole of the profits of the entity were distributed, entitle the enterprise, directly or indirectly, to receive 25 per cent or more of the profits so distributed,
or
(ii)by virtue of any powers conferred by the constitution, articles of association or other document regulating that or any other entity;
(c)where the enterprise has significant influence in the management of the entity;
(d)where the enterprise holds one or both of the following securities in the entity:
(i)securities convertible directly or indirectly into shares in a company, or units in the investment undertaking, or securities carrying any right to receive units or securities of the entity;
(ii)securities under which the consideration given by the entity for the use of the principal secured –
(I)is to any extent dependent on the results of the entity’s business or any part of the entity’s business, where the entity is not an investment undertaking, or
(II)represents more than a reasonable commercial return for the use of that principal.
(5)Where 2 or more connected enterprises together satisfy the condition set out in subsection (4)(b), they shall each be taken to have control of the entity.
(6)For the purposes of subsection (4)(b), an enterprise shall be treated as entitled to acquire anything which such enterprise is entitled to acquire at a future date or will at a future date be entitled to acquire.
(7)For the purposes of subsections (4)(b) and (5), there shall be attributed to an enterprise any rights or powers of a nominee for such enterprise, that is, any rights or powers which another enterprise possesses on such enterprise’s behalf or may be required to exercise on such enterprise’s direction or behalf.
(8)For the purposes of subsections (4)(b) and (5), there may also be attributed to any enterprise (in this subsection referred to as the “first-mentioned enterprise”) all the rights and powers of –
(a)any enterprise of which the first-mentioned enterprise has, or the first-mentioned enterprise and associates of the first-mentioned enterprise have, control,
(b)any 2 or more enterprises of which the first-mentioned enterprise has, or the first-mentioned enterprise and associates of the first-mentioned enterprise have, control,
(c)any associate of the first-mentioned enterprise, or
(d)any 2 or more associates of the first-mentioned enterprise,
including the rights and powers attributed to an enterprise or associate under subsection (7), but excluding those attributed to an associate under this subsection.
739L.
Calculating the IREF taxable amount.
(1)The IREF taxable amount in relation to an IREF taxable event shall be calculated as:
where –
Ais the value of the IREF taxable event which is attributable to the retained profits of the IREF,
Bis the retained IREF profits,
Cis the retained profits of the IREF,
Dis the purchased IREF profits not previously distributed by the IREF, and
Eis an amount calculated as the difference between the value of the IREF taxable event and the value of the unit in accordance with the balance sheet of the IREF, where the IREF taxable event is one referred to in paragraph (b) of the definition of “value of an IREF taxable event” in section 739K(1) and the value of the unit in accordance with the balance sheet of the IREF is less than the value of the IREF taxable event.
(2)For the purposes of subsection (1), “value of the unit in accordance with the balance sheet” means the net asset value of the IREF, calculated in accordance with the balance sheet of the IREF at the date of the computation of the value of an IREF taxable event, which is attributable to each unit less any amount subscribed for that unit.
739LA.
Profit: financing cost ratio.
(1)In this section –
‘adjusted property financing costs’ means the property financing costs less any amount of income referred to in subsection (2)(b);
‘property financing costs’ means costs, being costs of debt finance or finance leases, which are taken into account in arriving at the profits of an IREF, including amounts in respect of –
(a)interest, discounts, premiums, or net swap or hedging costs, and
(b)fees or other expenses associated with raising debt finance or arranging finance leases;
‘property financing costs ratio’ means the ratio of the sum of profits of an IREF and the adjusted property financing costs of an IREF to the adjusted property financing costs of the IREF;
‘relevant cost’ means the amount which would be allowable as a deduction for the purposes of the Capital Gains Tax Acts under section 552(1);
‘specified debt’ means any debt incurred by an IREF in respect of monies borrowed by, or advanced to, the IREF.
(2)
(a)This subsection applies where the aggregate of the specified debt exceeds an amount equal to 50 per cent of the relevant cost of the IREF assets (and that excess is referred to in this subsection as the ‘excess specified debt’).
(b)Where this subsection applies, the IREF shall be treated for the purposes o fthe Income Tax Acts as receiving an amount of income determined by the formula –
where –
A is the property financing costs,
B is the excess specified debt, and
C is the total specified debt.
(3)
(a)This subsection applies where the property financing costs ratio of the IREF is less than 1.25:1 for an accounting period.
(b)Where this subsection applies, the IREF shall be treated for the purposes o fthe Income Tax Acts as receiving an amount of income equal to the amount by which the adjusted property financing costs would have to be reduced for the property financing costs ratio to equal 1.25:1 for that accounting period.
(4)The amount of income referred to in subsections (2) and (3) shall be charged to income tax under Case IV of Schedule D and shall be treated as income –
(a)arising in the year of assessment in which the accounting period in which the amount was taken into account ends, and
(b)against which no loss, deficit, expense or allowance may be set off.
739LAA.
Profit: financing cost ratio from 1 January 2020.
(1)In this section –
‘adjusted property financing costs’ means the property financing costs less any amount of income referred to in subsection (2)(b);
‘annual IREF profits’ means the profits, gains or losses of an IREF business as shown in the income statement of the IREF excluding –
(a)any realised profits, gains or losses in relation to the disposal of an asset, and
(b)any unrealised profits, gains or losses in relation to an asset,
where the disposal of such asset would be a disposal of a chargeable asset for the purposes of capital gains tax or corporation tax on chargeable gains and would otherwise form part of relevant profits of the IREF which are not chargeable to tax under section 739C;
‘property financing costs’ means costs, being costs of debt finance or finance leases, which are taken into account in arriving at the profits of an IREF, including amounts in respect of –
(a)interest, discounts, premiums, or net swap or hedging costs, and
(b)fees or other expenses associated with raising debt finance or arranging finance leases;
‘property financing costs ratio’ means the ratio of the sum of the annual IREF profits and the adjusted property financing costs of an IREF to the adjusted property financing costs of the IREF;
‘relevant cost’ means the amount which would be allowable as a deduction for the purposes of the Capital Gains Tax Acts under section 552 subject to the modification that references in subsection (3) of that section to ‘borrowed money’ shall be read as if they were references only to borrowed money that is third-party debt;
‘specified debt’ means –
(a)any debt incurred by an IREF in respect of monies borrowed by, or advanced to, the IREF, or
(b)a portion of any debt incurred by a partnership in which the IREF is a partner, in respect of monies borrowed by, or advanced to, the partnership, calculated as the higher of –
(i)the portion of the capital of the partnership held by the IREF, or
(ii)the portion of the profits of the partnership to which the IREF is entitled.
(2)
(a)This subsection applies where the aggregate of the specified debt exceeds an amount equal to 50 per cent of the relevant cost of the IREF assets (and that excess is referred to in this subsection as the ‘excess specified debt’).
(b)Where this subsection applies, the IREF shall be treated for the purposes of the Income Tax Acts as receiving an amount of income determined by the formula –
where –
A is the property financing costs,
B is the excess specified debt, and
C is the total specified debt.
(3)
(a)This subsection applies where –
(i)the property financing costs ratio of the IREF is less than 1.25:1 for an accounting period and the sum of the annual IREF profits and the adjusted property financing costs of an IREF is greater than zero, or
(ii)the sum of the annual IREF profits and the adjusted property financing costs of an IREF is zero or lower.
(b)Where this subsection applies –
(i)by virtue of paragraph (a)(i), the IREF shall be treated for the purposes of the Income Tax Acts as receiving an amount of income equal to the amount by which the adjusted property financing costs would have to be reduced for the property financing costs ratio to equal 1.25:1 for that accounting period, and
(ii)by virtue of paragraph (a)(ii), the IREF shall be treated for the purposes of the Income Tax Acts as receiving an amount of income equal to the adjusted property financing costs.
(4)The amount of income referred to in subsections (2) and (3) shall be charged to income tax under Case IV of Schedule D and shall be treated as income –
(a)arising in the year of assessment in which the accounting period in which the amount was taken into account ends, and
(b)against which no loss, deficit, expense or allowance may be set off.
(5)In respect of the charge to income tax imposed under this section and section 739LB –
(a)section 76(6) shall not apply to an IREF which is a company, and
(b)the amount so charged shall, for the purposes of Part 35A, not be profits or gains arising from relevant activities.
(6)
(a)Section 739LA shall not apply to an accounting period to which this section applies.
(b)This section shall apply to accounting periods commencing on or after 1 January 2020 and where an accounting period commences before 1 January 2020 and ends after that date, it shall be divided into two parts, one beginning on the date on which the accounting period begins and ending on 31 December 2019 and the other beginning on 1 January 2020 and ending on the date on which the accounting period ends, and both parts shall be treated as if they were separate accounting periods of the IREF.
739LB.
Profit: calculating profits available for distribution.
(1)This section applies to any amount taken into account by an IREF in computing the profits of the IREF, in respect of any disbursement or expense, not being money wholly and exclusively laid out or expended for the purposes of the IREF business (referred to in this section as the ‘disallowed amount’).
(2)The IREF shall be treated as receiving for the purposes of the Income Tax Acts an amount of income equal to the disallowed amount.
(3)The amount of income referred to in subsection (2) shall be charged to income tax under Case IV of Schedule D and shall be treated as income –
(a)arising in the year of assessment in which the accounting period in which the disallowed amount was taken into account ends, and
(b)against which no loss, deficit, expense or allowance may be set off.
739LC.
Exclusion for third-party debt.
(1)Where –
(a)an amount of income is treated as arising to an IREF under section 739LA or 739LAA, and
(b)some or all of that amount relates to a third-party debt,
the amount of income on which the IREF is charged to income tax shall be reduced by the amount of income that would have been charged to tax had the specified debt consisted solely of third-party debt.
(2)
(a)Subject to subsection (4), for the purposes of this section, ‘third- party debt’ means –
(i)a loan advanced to the IREF by an enterprise other than an associate of that IREF,
(ii)where the full amount advanced is employed, subject to paragraph (c), in the purchase, development, improvement or repair of a premises, and
(iii)the loan is not subject to any arrangements of a type referred to in subsection (3),
and includes a loan which satisfies the conditions of subparagraphs (i) and (iii) where the amount advanced is used to repay a loan which satisfied the condition of subparagraph (ii).
(b)References in this section to an amount being advanced to an IREF, or being payable by an IREF, shall be read as including an amount advanced to, or payable by, a partnership in which the IREF is a partner.
(c)For the purposes of paragraph (a)(ii) –
(i)monies borrowed at or about the time of the purchase of the premises shall be treated as having been employed in the purchase of those premises, and
(ii)amounts employed in purchasing a property from an associate of an IREF shall only be treated as third-party debt if immediately prior to the purchase that associate had carried out significant development work on the property, such that the development exceeds 30 per cent of the market value of the property at the date of the commencement of the development, and the property is being acquired by the IREF for the purposes of property rental.
(3)For the purposes of subsection (2)(a)(iii), the arrangements are any of the following:
(a)arrangements pursuant to which –
(i)interest is payable by an IREF to another enterprise such that this section does not apply by virtue only of the fact that the IREF and the enterprise concerned are not associated, and
(ii)interest is payable by some other enterprise not associated with the IREF to an enterprise associated with the IREF;
(b)arrangements pursuant to which –
(i)interest is payable by an IREF to another enterprise (in this paragraph referred to as the ‘first-mentioned enterprise’) where the IREF and the first-mentioned enterprise concerned are not associated, and
(ii)the first-mentioned enterprise –
(I)has been advanced an amount by another enterprise that is an associate of the IREF, or
(II)has received a deposit from another enterprise that is an associate of the IREF,
equal to some or all of the principal amount of the loan in respect of which the interest referred to in subparagraph (i) is payable;
(c)arrangements entered into in relation to an IREF the effect of which is that any amount has been advanced, or funds have been made available, indirectly from an associate of an IREF to the IREF, or interest is payable by an IREF indirectly to an associate of that IREF, in circumstances other than those referred to in paragraph (a) or (b);
(d)arrangements pursuant to which –
(i)associates of an IREF (in this paragraph referred to as the ‘first-mentioned IREF’) advance amounts, or make funds available, directly or indirectly to an IREF with whom they are not associated (in this paragraph referred to as the ‘second-mentioned IREF’), and
(ii)associates of the second-mentioned IREF advance amounts, or make funds available, directly or indirectly to the first-mentioned IREF,
and those IREFs, or those associates, are acting in concert or underarrangements made by any enterprise.
(4)Notwithstanding section 739KA, a loan which is a third-party debt shall not cease to be so treated where the lender becomes an associate of the IREF solely on account of the enforcement of any security granted as a bona fide condition of, or in connection with, the loan.
739M.
Anti-avoidance: multiple funds.
(1)In this Chapter –
“personal portfolio IREF” means an IREF under the terms of which some or all of the IREF assets or IREF business may be, or was, selected or influenced by –
(a)the unit holder,
(b)a person acting on behalf of the unit holder,
(c)a person connected with the unit holder,
(d)a person connected with a person acting on behalf of the unit holder,
(e)the unit holder and a person connected with the unit holder, or
(f)a person acting on behalf of both the unit holder and a person connected with the unit holder.
(2)For the purposes of subsection (1) and without prejudice to the application of that subsection, the terms of an IREF shall be treated as permitting the selection referred to in that subsection where –
(a)the terms of that IREF or any other agreement between any person referred to in that subsection and that IREF –
(i)allow the exercise of an option by any person referred to in that subsection to make the selection referred to in that subsection,
(ii)gives that IREF discretion to offer any person referred to in that subsection the right to make the selection referred to in that subsection, or
(iii)allow any of the persons referred to in that subsection the right to request, subject to the agreement of that IREF, a change in those terms such that the selection referred to in that subsection may be made by any of those persons,
or
(b)the unit holder or any person connected with the unit holder has or had the option of requiring that IREF to appoint an investment advisor (regardless how such a person is described) in relation to the selection of IREF assets or business, or the conduct of the IREF business.
(3)A pension scheme, undertaking or company, as referred to in paragraphs (a) to (c) or (f) of the definition of “specified person” in section 739K, shall be a specified person where –
(a)subject to section 739N, the IREF is a personal portfolio IREF in respect of the unit holder, or
(b)
(i)that pension scheme, undertaking or company, as the case may be, would, if it was an IREF and if the holding of the units in the IREF was part of its IREF business, be regarded as a personal portfolio IREF in respect of any of its unit holders, and
(ii)it would be reasonable to consider that the investment in the IREF by the pension scheme, undertaking or company was part of a scheme or arrangement the main purpose, or one of the main purposes, of which was the avoidance of tax under this Chapter.
739N.
Anti-avoidance: multiple funds further measures.
(1)Where –
(a)an IREF would otherwise be a personal portfolio IREF in accordance with section 739M(3)(a), and
(b)the pension scheme, undertaking or company, as the case may be, in respect of which it is a personal portfolio IREF would not be a personal portfolio IREF under section 739M(3)(b)(i),
then the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(2)Where an IREF would only be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) because of a scheme of amalgamation to which section 739D(8C) applied, the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(3)Where an IREF would be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) solely because a person connected with the unit holder may select or influence the IREF assets or IREF business where that connected person can not –
(a)be influenced by that unit holder in the exercise of their duties, or
(b)show any preference, or give any consideration, to that unit holder over and above any other unit holder,
then that IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(4)An IREF (referred to in this subsection as the ‘first mentioned IREF’) shall not be treated as a personal portfolio IREF of a unit holder which is an IREF (referred to in this subsection as the ‘second mentioned IREF’) where the holding of the units –
(a)in the first mentioned IREF by the second mentioned IREF is for bona fide commercial purposes, and
(b)is not part of a scheme or arrangement the main purpose, or one of the main purposes of which, is the avoidance of tax.
(5)Section 29(3) shall not apply to the disposal of an asset which derives its value, or the greater part of its value, directly or indirectly from units in an IREF.
739O.
Tax arising on IREF taxable event.
(1)In this section a “holder of excessive rights” means a person, or connected persons within the meaning of section 10, or connected persons within the meaning of section 10, who is beneficially entitled, directly or indirectly, to at least 10 per cent of the units in an IREF.
(2)Notwithstanding any other provision of the Tax Acts –
(a)for the purposes of affording relief under an arrangement made with the government of a territory outside the State having the force of law under the procedures set out in section 826(1), the IREF taxable amount in respect of an IREF taxable event and a unit holder –
(i)who is a holder of excessive rights, is income from immovable property, and
(ii)who is not a holder of excessive rights, shall be treated as a dividend,
(b)in respect of a unit holder who is a specified person, the IREF taxable amount shall be chargeable to income tax under Case V of Schedule D and shall be treated as income –
(i)arising in the year of assessment in which the IREF taxable event occurs, and
(ii)against which no loss, deficit, expense or allowance may be set off,
(c)to the extent to which profits or gains of a basis period for a year of assessment consist of profits or gains to which paragraph (b) applies, those profits or gains –
(i)shall be chargeable to income tax for that year, subject to section 739Q, at the rate of 20 per cent, and
(ii)shall not be reckoned in computing total income for that year for the purposes of the Income Tax Acts,
and
(d)the provisions of section 188, and the reductions specified in Part 2 of the Table to section 458 shall not apply as regards income tax so charged.
739P.
Withholding tax arising on IREF taxable event.
(1)On the happening of an event mentioned in paragraphs (a) to (e) of the definition of “IREF taxable event” in respect of a specified person –
(a)subject to section 739QA, the IREF shall deduct IREF withholding tax out of the IREF taxable amount,
(b)the specified person shall allow such deduction referred to in paragraph (a) on the receipt of the residue of the IREF taxable amount, and
(c)the IREF shall be acquitted and discharged of so much money as is represented by the deduction referred to in paragraph (a) as if that amount of money had actually been paid to the specified person.
(2)On the happening of an event mentioned in paragraph (d) of the definition of “IREF taxable event” in respect of a specified person, to satisfy the requirements of paragraphs (a) and (b) of subsection (1), the IREF shall reduce the amount of the additional units to be issued to the specified person by such amount as will secure that the value at that time of the additional units issued to the specified person does not exceed an amount equal to the amount which the person would have received, after deduction of IREF withholding tax, if the person had received the value of the IREF taxable event in cash instead of in the form of additional units in the IREF.
(3)Where the IREF taxable event consists of a non-cash amount, the IREF –
(a)shall be liable to pay to the Collector-General an amount (which shall be treated for the purposes of this Chapter as if it were a deduction of IREF withholding tax in relation to an IREF taxable event) equal to the IREF withholding tax which, but for this subsection, would have been required to be deducted from the amount of the IREF taxable amount,
(b)shall be liable to pay that amount in the same manner in all respects as if it were the IREF withholding tax which, but for this subsection, would have been required to be deducted from the IREF taxable amount, and
(c)shall be entitled to recover a sum equal to that amount from the specified person as a simple contract debt in any court of competent jurisdiction.
(4)
(a)Subject to paragraph (b), the amount of IREF withholding tax deducted in respect of a unit holder in accordance with this section shall be treated as a payment on account of the income tax chargeable on that unit holder on that IREF taxable event for that year of assessment and where that payment on account equals the income tax payable under section 739O, that unit holder shall not, in respect of the IREF taxable event, be regarded as a chargeable person within the meaning of Part 41A.
(b)Where IREF withholding tax is paid in accordance with subsection (3), the unit holder shall not be entitled to treat the IREF withholding tax as a payment on account until such time as the debt to the IREF is repaid.
(5)Other than as provided for in section 739Q, no repayment of any IREF withholding tax shall be made to any person receiving or entitled to the IREF taxable amount.
739Q.
Repayment of IREF withholding tax.
(1)In this section, “relevant person” means a specified person, who during an accounting period was subject to withholding tax on an IREF taxable event and would but for section 739P be entitled to a repayment of tax.
(2)Notwithstanding section 739P(5) and subject to section 739T, repayment of withholding tax in respect of an IREF taxable event shall be made to a relevant person to the extent provided for in an arrangement made with the government of a territory outside the State having the force of law under the procedures set out in section 826(1) and the rate of tax specified in section 739O(2)(c) shall be the rate applicable pursuant to the relevant arrangement.
(3)Notwithstanding section 739P(5), where a pension scheme, undertaking or company, as referred to in paragraphs (a) to (c) or (f) of the definition of “specified person”, can prove –
(a)that it has indirectly invested in units of an IREF,
(b)that the IREF would not be regarded as a personal portfolio IREF of that pension scheme, undertaking or company, and
(c)that an amount of withholding tax was operated on an IREF taxable event to which it is indirectly entitled which is not otherwise repayable,
then that pension scheme, undertaking or company, as the case may be, shall be entitled to a refund of withholding tax as if the units concerned were directly held and to make a claim to the Revenue Commissioners for repayment of that withholding tax in the form prescribed by the Revenue Commissioners and the rate of tax specified in section 739O(2)(c) shall be reduced accordingly.
(4)For the purposes of section 865(2) the return made by the IREF under section 739R shall be deemed to be a return made by the unit holder for the purposes of an assessment to tax.
(5)
(a)No repayment of withholding tax may be made pursuant to subsection (3) where the IREF taxable profits, to which the IREF taxable amount is referable, arose prior to the pension scheme, undertaking or company indirectly investing in the units in respect of which the IREF taxable event occurs.
(b)No repayment of withholding tax shall be made pursuant to this section other than where it would be reasonable to consider that the repayment arises from transactions or arrangements, which were carried out for bona fide commercial reasons, and do not form part of an arrangement of which the main purpose, or one of the main purposes, is the avoidance of tax.
739R.
Returns, payment and collection of IREF withholding tax.
(1)Notwithstanding any other provision of the Tax Acts, this section shall apply for the purposes of regulating the time and manner in which an IREF shall –
(a)file a return referred to in subsection (2), and
(b)account for and pay IREF withholding tax.
(2)An IREF shall for each accounting period make to the Collector-General a return, in accordance with subsections (3) and (4), in connection with an accounting period –
(a)which ends on or before 30 June in a financial year, within 30 days of 31 December of that year, and
(b)which ends between 1 July and 31 December, within 30 days of 30 June of the following year.
(3)The IREF withholding tax which is required to be included in a return referred to in subsection (2) shall be due at the time by which the return is to be made and shall be paid by the IREF to the Collector-General and subsections (3) to (9) of section 739F shall apply to IREF withholding tax, with any required modifications, as they apply to the appropriate tax.
(3A)The return referred to in subsection (2) shall contain the following information:
(a)where the IREF is a sub-fund of an umbrella scheme, details of the umbrella scheme;
(b)details of the unit holdings held by each unit holder of the IREF;
(c)details of the IREF assets held by the IREF;
(d)details of the IREF business carried on by the IREF;
(e)details of any transactions with persons connected with the unit holder; and
(f)details of any IREF taxable events to which section 739T applies.
(4)The return referred to in subsection (2) shall, where one or more than one IREF taxable event occurs in the period to which the return relates, contain the following details:
(a)the name and tax reference number of the IREF in respect of which the IREF taxable event occurred;
(b)the name, address, TIN and unit holding of each unit holder in respect of whom the IREF taxable event happened;
(c)the date on which the IREF taxable event occurred;
(d)the amount of the IREF taxable event for each unit holder;
(e)the amount of IREF withholding tax (if any) in relation to the IREF taxable event deducted by the IREF in respect of each unit holder.
739QA.
Advance clearance procedures for indirect investors in respect of withholding tax
(1)A person who is entitled to a full refund of any withholding tax under section 739Q(3) (in this section referred to as the ‘indirect investor’) may, in advance of an IREF taxable event in respect of which withholding tax under section 739P or section 739T would arise, apply to the Revenue Commissioners for a certificate that –
(a)withholding tax should not be deducted in respect of an IREF taxable event, or
(b)withholding tax deducted should be paid directly to the indirect investor.
(2)The details of any IREF taxable event in respect of which a certificate is provided under subsection (1), notwithstanding that tax is not withheld under section 739P or 739T, shall be included on the account delivered under section 739T(3)(c), or the return required under section 739R, as applicable.
(3)An application under subsection (1) shall be made in such form as is provided from time to time by the Revenue Commissioners and shall include such particulars as may be set out in that form including the following:
(a)details of the indirect investment in the units of an IREF;
(b)why the IREF would not be considered a personal portfolio IREF of the indirect investor concerned;
(c)the withholding tax that will be suffered;
(d)confirmation that the withholding tax is not otherwise repayable;
(e)confirmation that the indirect investor would not be a specified person if it was a unit holder in the IREF;
(f)confirmation that the indirect investor would be entitled to a refund of tax under section 739Q(3).
739QB.
Advance clearance procedures for direct investors in respect of withholding tax
(1)A person who is entitled to a full refund of any withholding tax under section 739T(6) may, in advance of an IREF taxable event in respect of which withholding tax under section 739T would arise, apply to the Revenue Commissioners for a certificate that withholding tax should not be deducted in respect of an IREF taxable event.
(2)The details of any IREF taxable event in respect of which a certificate is provided under subsection (1), notwithstanding that tax is not withheld under section 739T, shall be included together with the account delivered under section 739T(3)(c).
(3)An application under this section shall be made in such form as is provided from time to time by the Revenue Commissioners and shall include such particulars as may be set out in that form including the following:
(a)details of the investment in the units of an IREF;
(b)why the IREF would not be considered a personal portfolio IREF of the unit holder;
(c)the withholding tax that will be suffered;
(d)confirmation that the unit holder is not a specified person; and
(e)confirmation that the unit holder would be entitled to a refund of tax under section 739T(6).
739S.
Statement to be given to recipients on the making of an IREF relevant payment.
(1)Every IREF shall, at the time of the IREF taxable event (within the meaning of paragraphs (a) to (e) of the definition of “IREF taxable event”), give the unit holder a statement in writing, or by means of electronic communications, specifying the following details:
(a)the name and address of the IREF;
(b)the name and address of the unit holder;
(c)the date the IREF taxable event occurred;
(d)the IREF taxable amount;
(e)the amount of the IREF withholding tax deducted in relation to the IREF taxable event.
(2)Section 152(2) shall apply to the failure by an IREF to comply with this section, with any necessary modifications.
739T.
Deduction from consideration on the disposal of certain units.
(1)This section –
(a)applies on the happening of an event specified in paragraph (f) or (g) of the definition of “IREF taxable event”, and
(b)shall not apply where the amount or value of any consideration payable in relation to the happening of such an IREF taxable event does not exceed the sum of €500,000; but where the taxable event involves a disposal, sale or transfer by the unit holder in parts –
(i)to the same person, or
(ii)to persons who are acting in concert or who are connected persons,
whether on the same or different occasions, the several disposals, sales or transfers shall, for the purposes of this paragraph, be treated as a single disposal, sale or transfer.
(2)Subject to sections 739QA and 739QB, on payment of any consideration in relation to the happening of an IREF taxable event to which this section applies –
(a)the person by or through whom any such payment is made shall deduct from that payment a sum representing an amount of income tax equal to 20 per cent of that payment,
(b)the person to whom the payment is made shall allow such deduction on receipt of the residue of the payment, and
(c)the person making the deduction shall, on proof of payment to the Revenue Commissioners of the amount so deducted, be acquitted and discharged of so much money as is represented by the deduction as if that sum had been actually paid to the person making the disposal.
(3)
(a)Notwithstanding any other provision of the Tax Acts, this subsection shall apply for the purposes of regulating the time and manner in which the withholding tax deducted under this section shall be accounted for and paid.
(b)The person who was required to deduct the withholding tax under this section shall, within 30 days of the date of the IREF taxable event, deliver to the Revenue Commissioners an account of the IREF taxable event and of the amount deducted.
(c)The account referred to in paragraph (b) shall contain details of the following:
(i)the name and tax reference number of the IREF in respect of which the IREF taxable event occurred;
(ii)the name, address, TIN and unit holding of the unit holder in respect of whom the IREF taxable event occurred;
(iii)the date on which the IREF taxable event occurred;
(iv)the amount of the consideration paid or payable to the unit holder;
(v)the amount of withholding tax deducted under this section.
(d)Income tax which by virtue of this section is payable by a person shall –
(i)be payable by that person in addition to any income tax which by virtue of any other provision of the Tax Acts is payable by that person,
(ii)be due within 30 days of the IREF taxable event, and
(iii)be payable by that person without the making of an assessment.
(e)Where, in relation to any payment of withholding tax referred to in paragraph (b), any person has made default in delivering an account required by this section, or where the Revenue officer is not satisfied with the account, the officer may estimate the amount of the payment to the best of his or her judgment and, notwithstanding section 18, may assess and charge that person to income tax for the year of assessment in which the payment was made on the amount so estimated at the rate of 20 per cent.
(4)The amount of withholding tax deducted in respect of a unit holder in accordance with this section shall be treated as a payment on account of the income tax chargeable on that unit holder on that IREF taxable event for that year of assessment.
(5)Repayment of withholding tax deducted in respect of a unit holder in accordance with this section in respect of an IREF taxable event shall be made to a relevant person, within the meaning of section 739Q, to the extent provided for in an arrangement made with the government of a territory outside the State having the force of law under the procedures set out in section 826(1) and the rate of tax in section 739O(2)(c) shall be the rate applicable pursuant to the relevant arrangement.
(6)A claim for repayment of any withholding tax deducted under this section which is in excess of the income tax chargeable on the IREF taxable event under section 739O shall be made by the unit holder in a return, made in accordance with Part 41A, and no other repayment of any amount of such withholding tax shall be made.
739U.
Retention and examination of documentation.
(1)An IREF shall keep and retain declarations made to it in accordance with Schedule 2C for a period of 6 years from the time the unit holder of the units in respect of which the declaration was made ceases to be such a unit holder.
(2)An IREF shall, on being so required by notice in writing given to the IREF by the Revenue Commissioners, make available to the Revenue Commissioners, within the time specified in the notice –
(a)all declarations, certifications or notifications which have been made or, as the case may be, given to the IREF in accordance with Schedule 2C, or
(b)such class or classes of such declarations, certificates or notifications as may be specified in the notice.
(3)The Revenue Commissioners may examine or take extracts from or copies of any declarations, certificates or notifications made available to the Revenue Commissioners under subsection (2).
739V.
Transfer of IREF business to a company.
(1)In this section –
“the Acts” means the Tax Acts and the Capital Gains Tax Acts;
“specified company” means a company that is formed under the laws of, and is registered in, a Member State or an EEA state;
“transferred business” means the IREF business, the IREF assets and any assets ancillary to the IREF business referred to in subsection (2)(a)(i) or (ii), as the case may be.
(2)This section applies –
(a)where an investment undertaking –
(i)transfers the whole of its IREF business and its IREF assets, including any assets ancillary to the IREF business, or
(ii)which carries out activities which would be regarded as dealing in or developing land and other IREF business, transfers the part of its IREF business and its IREF assets, including any assets ancillary to the IREF business, that relate to dealing in or developing land,
to a specified company which is within the charge to corporation tax in respect of the transferred business and the charge to capital gains tax in respect of any IREF assets the disposal of which would not be within the charge to corporation tax,
(b)
(i)where shares in the specified company are issued to the unit holders in the investment undertaking in respect of and in proportion to (or as nearly as may be in proportion to) their unit holdings in the investment undertaking,
(ii)all of the shares issued are ordinary shares with equal rights, and
(iii)the investment undertaking receives no part of the consideration for the transfer referred to in paragraph (a) (otherwise than by the specified company taking over the whole or part of the liabilities of its business),
(c)where upon completion of the transfer referred to in paragraph (a), the investment undertaking has no assets that relate to the transferred business,
(d)where the shares concerned are issued on or before 1 July 2017, and
(e)where the investment undertaking does not carry on any business similar to the transferred business after the date of such transfer referred to in paragraph (a).
(3)Subject to subsection (4), for the purpose of the Acts, in respect of a transfer to which this section applies –
(a)the investment undertaking shall be deemed to have disposed of all assets in use for the purposes of the transferred business for the value at which they are carried in the accounts,
(b)the specified company –
(i)shall be deemed, as if it had been in existence since the commencement of the transferred business by the investment undertaking, in relation to the transferred business up to the date of transfer –
(I)to have carried out all activities, incurred all expenses, acquired all assets, borrowed all monies, and monies borrowed at or about the time of the purchase of premises shall be treated as having been employed in the purchase of those premises, and earned all profits and incurred all losses of the investment undertaking, and
(II)to have made all such claims for any allowances, deductions and reliefs as it would have been entitled to had it carried on the transferred business since its commencement,
and shall, after the date of transfer, be subject to tax under the Acts as if it had carried out all transactions carried out by the investment undertaking prior to the transfer, and
(ii)for the purpose of the Capital Gains Tax Acts shall be treated as if any assets included in the transfer were acquired by the specified company on the date of transfer for consideration equal to the value of the assets in the accounts of the investment undertaking,
and
(c)the unit holder shall not be treated as having disposed of the units or as having acquired the shares or any part of them, but the units (taken as a single asset) and the shares (taken as a single asset) shall be treated as the same asset acquired as the units were acquired.
(4)For the purposes of this Chapter, the transfer shall constitute an IREF taxable event but the investment undertaking, a unit holder and the specified company may jointly elect that the tax due under sections 739O and 739P becomes due and payable on the earlier of –
(a)a date not later than 60 days after the disposal of the shares in the specified company,
(b)the tenth anniversary of the date of the transfer,
(c)the appointment of a liquidator to the specified company, or
(d)the specified company ceasing to be resident, under the law of a Member State or an EEA state, in that territory for the purposes of tax,
and the specified company shall, not later than 21 days after the date of the end of each of the calendar years which follow the year in which the transfer occurs, deliver a statement to the Revenue Commissioners, in the prescribed form, providing such information as may be required for the purposes of this subsection.
(5)Any instrument giving effect to a transfer to which this section applies shall not be chargeable to stamp duty under the Stamp Duties Consolidation Act 1999.
739W.
Transfer of IREF business to a REIT.
(1)In this section –
“property rental business” has the meaning assigned to it by Part 25A;
“qualifying REIT” means a company which was not a REIT prior to giving the notice referred to in subsection (2)(a);
“REIT” has the meaning assigned to it in Part 25A;
“transferred business” means the IREF business, the IREF assets and any assets ancillary to the IREF business referred to in subsection (2)(b).
(2)This section applies –
(a)where notice is given to the Revenue Commissioners under section 705E specifying a date not later than 31 December 2017 in respect of a company which is to carry on the property rental business previously carried on as part of the IREF property business of an IREF,
(b)where that IREF transfers the whole of its property rental business to the qualifying REIT referred to in paragraph (a),
(c)
(i)where ordinary shares in the qualifying REIT are issued to the unit holders in the IREF in respect of and in proportion to (or as nearly as may be in proportion to) their unit holdings in the IREF, and
(ii)where the IREF receives no part of the consideration for the transfer referred to in paragraph (b) (otherwise than by the qualifying REIT taking over the whole or part of the liabilities of the property rental business transferred),
(d)where the shares concerned are issued on or before 31 December 2017, and
(e)where the IREF does not carry on any business similar to the transferred business after the date of transfer referred to in paragraph (b).
(3)In respect of a transfer to which this section applies, for the purpose of the Capital Gains Tax Acts the unit holder shall not be treated as having disposed of the units or as having acquired the shares or any part of them, but the units (taken as a single asset) and the shares (taken as a single asset) shall be treated as the same asset acquired as the units were acquired.
(4)For the purposes of Part 25A and Chapters 1A and 1B of Part 27 –
(a)the IREF shall be treated as having disposed of, and
(b)the qualifying REIT shall, notwithstanding section 705L(1), be treated as having acquired,
all assets and liabilities of the transferred business for consideration equal to the value of those assets and liabilities in the accounts of the investment undertaking.
(5)For the purposes of this Chapter, the transfer referred to in subsection (2) shall constitute an IREF taxable event but the IREF, the unit holder and the qualifying REIT may jointly elect that the tax due under sections 739O and 739P becomes due and payable on the earlier of –
(a)a date not later than 60 days after the disposal of the shares in the qualifying REIT,
(b)the tenth anniversary of the date of the transfer,
(c)the appointment of a liquidator to the qualifying REIT, or
(d)the company ceasing to be a REIT,
and the qualifying REIT shall, not later than 21 days after the date of the end of each of the calendar years which follow the year in which the transfer occurs, deliver a statement to the Revenue Commissioners, in the prescribed form, providing such information as may be required for the purposes of this subsection.
(6)Any instrument giving effect to a transfer to which this section applies shall not be chargeable to stamp duty under the Stamp Duties Consolidation Act 1999.
739X.
Application of this Chapter.
This Chapter shall apply to –
(a)accounting periods commencing on or after 1 January 2017, or
(b)where an investment undertaking’s immediately preceding accounting period ended on or after 31 December 2015 and a decision was made after 20 October 2016 to change the accounting period such that paragraph (a) would not apply, that accounting period commencing on or after 20 October 2016.