Taxes Consolidation Act, 1997 (Number 39 of 1997)
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739LCalculating the IREF taxable amount
[7]>(1)<[7] The IREF taxable amount in relation to an IREF taxable event shall be calculated as:
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A × B-D
C
<[2]
[2]>
A × B-D + E
C
<[2]
where—
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A is the portion of the IREF taxable event which is attributable to the retained profits of the IREF,
<[3]
[3]>
A is the value of the IREF taxable event which is attributable to the retained profits of the IREF,
<[3]
B is the retained IREF profits,
C is the retained profits of the [4]>IREF, and<[4][4]>IREF,<[4]
D is the purchased IREF profits not previously distributed [5]>by the IREF.<[5][5]>by the IREF, and<[5]
[6]>
E is 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 IREFtaxable 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.
<[6]
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(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.
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[2]
Substituted by FA19 s30(1)(c)(i). Applies to accounting periods commencing on or after 9 October 2019 and where an accounting period commences before 9 October 2019 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 8 October 2019 and the other beginning on 9 October 2019 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.
[3]
Substituted by FA19 s30(1)(c)(ii). Applies to accounting periods commencing on or after 9 October 2019 and where an accounting period commences before 9 October 2019 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 8 October 2019 and the other beginning on 9 October 2019 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.
[4]
Substituted by FA19 s30(1)(c)(iii). Applies to accounting periods commencing on or after 9 October 2019 and where an accounting period commences before 9 October 2019 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 8 October 2019 and the other beginning on 9 October 2019 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.
[5]
Substituted by FA19 s30(1)(c)(iv). Applies to accounting periods commencing on or after 9 October 2019 and where an accounting period commences before 9 October 2019 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 8 October 2019 and the other beginning on 9 October 2019 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.
[6]
Inserted by FA19 s30(1)(c)(v). Applies to accounting periods commencing on or after 9 October 2019 and where an accounting period commences before 9 October 2019 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 8 October 2019 and the other beginning on 9 October 2019 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.