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Taxes Consolidation Act, 1997 (Number 39 of 1997)

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705QAntiavoidance provision.

(1) This Part shall not apply to any transaction engaged in by, or on behalf of, a REIT or group REIT, or to which it is directly, or indirectly, a party unless the transaction has been undertaken for bonafide commercial reasons and does not form part of any arrangement or scheme of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.

(2) Where appropriate, a reference in subsection (1) to a REIT or a group REIT includes a reference to a company or a group before it has become, or after it has ceased to be, a REIT or a group REIT and, in the case of a group REIT, a company before it has become, or after it has ceased to be, a member of the group REIT.

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Inserted by FA13 s41(c). Deemed to have come into force and takes effect on and from 1 January 2013.