Revenue has updated the Irish Real Estate Fund (IREF) Guidance Note to clarify the operation of section 739LB TCA 1997 and to include a relevant example in section 2.2 of the manual relating to other excessive deductions.
The example included in section 2.2, example 23, relates to a limited circumstance where Revenue is prepared to accept that a disbursement or expense which is wholly and exclusively incurred in respect of non-IREF property assets, may be treated as not being a disallowed amount for the purposes of section 739LB.
The guidance has also been updated in section 5 to highlight reporting obligations where an IREF ceases to be an IREF during an accounting period.
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