Taxes Consolidation Act, 1997 (Number 39 of 1997)
184 Treasury shares.
(1) For the purposes of the Tax Acts and the Capital Gains Tax Acts—
(a) any shares which are—
(i) held by the company as treasury shares, and
(ii) not cancelled by the company,
shall be deemed to be cancelled immediately on their acquisition by the company,
(b) a deemed or actual cancellation of shares shall be treated as giving rise to neither a chargeable gain nor an allowable loss, and
(c) a reissue by the company of treasury shares shall be treated as an issue of new shares by it.