Taxes Consolidation Act, 1997 (Number 39 of 1997)
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508J. Relief for investment through designated investment funds
(1) (a) Relief under section 502 shall be given, and section 498(1) shall not apply, in respect of an amount subscribed as nominee for an individual by a person or persons having the management of an investment fund designated by the Revenue Commissioners [7]>for the purposes of this Chapter (in this Part referred to as the ‘managers of a designated fund’)<[7][7]>or by a person or persons having the management of a qualifying investment fund for the purposes of this Chapter (in this section referred to as the ‘fund managers’)<[7] where the amount so subscribed forms part of the fund.
(b) Except where provided by paragraph (a), relief shall not be given in respect of an amount subscribed as nominee for an individual by a person or persons having the management of an investment fund where the amount so subscribed forms part of the fund.
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(2) The managers of a designated fund shall, by 30 June in each year, deliver to the Revenue Commissioners a return of the holdings of eligible shares shown on statements of qualification received by them in the previous year of assessment.
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(2) The [8]>managers of a designated fund<[8][8]>fund managers<[8] shall, within 30 days of receipt of a statement of qualification, deliver to the Revenue Commissioners, through such electronic means as the Revenue Commissioners make available, a return of the holdings of eligible shares shown on statements of qualification received by them.
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(3) Where an individual claims relief in respect of eligible shares in a company which have been issued to the [9]>managers of a designated fund<[9][9]>fund managers<[9] as nominee for the individual, then section 508F(1) applies as if it required the claim for relief to be accompanied by a certificate issued by the managers, in such form as the Revenue Commissioners may authorise, furnishing such information as the Revenue Commissioners may require and certifying that the managers hold statements issued to them by the companies concerned, for the purposes of section 508F(1) in respect of the holdings of eligible shares shown on the managers’ certificate.
(4) Where—
(a) relief is due in respect of an amount subscribed as nominee for a qualifying individual by the [10]>managers of a<[10][10]>fund managers<[10], [3]>and<[3]
(b) the eligible shares in respect of which the amount is subscribed are issued in the year of assessment following the year of assessment in which that amount was subscribed to the designated fund [11]>or the qualifying investment fund<[11],[4]> and<[4]
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(c) the fund is a closed fund, the closing date for participation in which precedes the making of the first investment,
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then the individual may elect by notice in writing to the Revenue Commissioners to have the relief due under section 502(2)(a) given as a deduction from his or her total income for the year of assessment in which the amount was subscribed to the designated fund, instead of (as provided for in section 502(2)(a)) as a deduction from his or her total income for the year of assessment in which the shares are issued.
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then the individual shall be entitled to relief, under section 502(2)(a) or 502(2A), as a deduction from his or her total income for the year of assessment in which the amount was subscribed to the designated fund [11]>or the qualifying investment fund<[11].
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