739JInvestment limited partnerships.
(1) (a) In this section “investment limited partnership” means an investment limited partnership within the meaning of the Investment Limited Partnerships Act 1994.
(b) For the purposes of this section the definitions of “relevant gains”, “relevant income”, “relevant payment”, “relevant profits”, “unit” and “unit holder” shall apply, with any necessary modifications, to an investment limited partnership as they apply to an investment undertaking.
(2) (a) Notwithstanding anything in the Acts and subject to subsection (3), an investment limited partnership shall not be chargeable to tax in respect of relevant profits.
(b) For the purposes of the Acts, relevant income and relevant gains in relation to an investment limited partnership shall be treated as arising, or as the case may be, accruing, to each unit holder of the investment limited partnership in proportion to the value of the units beneficially owned by the unit holder, as if the relevant income and relevant gains had arisen or, as the case may be, accrued, to the unit holders in the investment limited partnership without passing through the hands of the investment limited partnership.
(3) Every investment limited partnership shall in respect of each year of assessment, on or before 28 February in the year following the year of assessment, make a statement (including, where it is the case, a statement with a nil amount) to the Revenue Commissioners in electronic format approved by them which in respect of each year of assessment—
(a) specifies the total amount of
>relevant profits< arising to the investment limited partnership >in respect of units in the investment limited partnership<, and
(b) specifies in respect of each person who is a
(i) the name and address of the person,
(ii) the amount of the
>relevant profits< to which the person is entitled, and
(iii) such other information as the Revenue Commissioners may require.
(4) Notwithstanding Chapter 4 of Part 8, that Chapter shall apply to a deposit (within the meaning of that Chapter) to which an investment limited partnership is for the time being entitled as if such deposit were not a relevant deposit within the meaning of that Chapter.