Revenue Note for Guidance

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Revenue Note for Guidance

739R Returns, payment and collection of IREF withholding tax

Summary

This section sets out the time and manner in which an IREF must file an annual return and account and pay IREF withholding tax.

Details

(1) This section, rather than other sections, of the act applies to determine when and how an IREF is to file a return and account and pay IREF withholding tax.

(2) For each accounting period the IREF must make a return to the Collector General. For accounting periods which end on or before 30 June, the return must be filed by 30 January the following year and for accounting periods which end between 1 July and 31 December, the return must be filed by 30 July of the following year. These are the same times of year that returns of Investment Unit undertakings under section 739F are made (albeit the returns are for different financial years).

(3) The IREF withholding tax is due to be paid to the Collector General at the same time as the returns are made, as set out in subsection (2). The provisions of S739(3) to (9) shall apply to the IREF withholding tax with any necessary modifications.

(3A) Details of what is to be included in the return are set out:

  1. details of the umbrella scheme where the IREF is a sub-fund of an umbrella scheme;
  2. the unit holdings held by each unit holder;
  3. details of the IREF assets;
  4. details of the IREF business;
  5. details of transactions with connected persons;
  6. details of taxable events to which section 739T applies.

(4) Details of the additional information to be included in the return where one or more IREF taxable event occurs in the period to which the return relates are set out as follows:

  1. the name and tax reference number of the IREF in respect of the IREF taxable event,
  2. the name, address, TIN and unit holding of each unit holder in respect of whom the IREF taxable event happened,
  3. the date of the IREF taxable event,
  4. the amount of the IREF taxable event for each unit holder,
  5. the amount of IREF withholding tax (if any) operated in respect of each unit holder.

(5) Repayment of this withholding tax is only available as set out in section 739Q.

Relevant Date: Finance Act 2021