Taxes Consolidation Act, 1997 (Number 39 of 1997)
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600K. Anti-avoidance: qualifying investment (shares)
(1) In this section, “distribution” has the same meaning as in the Corporation Tax Acts.
(2) For the purposes of this section, an amount specified or implied shall include an amount specified or implied in a foreign currency.
(3) This section applies to shares in a company where any arrangement exists which could reasonably be considered to substantially reduce the risk that the person beneficially owning those shares—
(a) might, at or after a time specified in or implied by that arrangement, be unable to realise directly or indirectly in money or money’s worth an amount so specified or implied, other than a distribution, in respect of those shares, or
(b) might not receive an amount so specified or implied of distributions in respect of those shares.
(4) The reference in this section to the person beneficially owning shares shall be deemed to be a reference to both that person and any person connected with that person.
(5) An investment in shares to which this section applies shall not be qualifying investment for the purposes of this Chapter.
(6) Without prejudice to the generality of subsection (3), such arrangements may include any rights associated with the shares as set out in the company’s constitution.
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Inserted by F(No.2)A23 s46(1)(a). Comes into operation on such day as the Minister for Finance may appoint by order.