Taxes Consolidation Act, 1997 (Number 39 of 1997)
[1]>
739D Gain arising on a chargeable event.
(1) [9]>In this Chapter<[9][9]>In this Chapter and Schedule 2B<[9]—
[6]>
(a) references to a chargeable event in relation to an investment undertaking in respect of a unit holder are, where the investment undertaking is an umbrella fund, references to a chargeable event in relation to each sub-fund of the umbrella fund in respect of a unit holder in that sub-fund, as if the sub-fund were the investment undertaking,
<[6]
[6]>
(a) references to an investment undertaking being associated with another investment undertaking are references to both investment undertakings being set up and promoted by the same person,
<[6]
(b) references to an amount invested by a unit holder in an investment undertaking for the acquisition of a unit (in this paragraph referred to as the “original unit”), where the original unit is a unit in a sub-fund of an umbrella scheme and the original unit has been exchanged for a unit or units of another sub-fund of the umbrella scheme, are references to the amount invested by the unit holder for the acquisition of the original unit,[16]>and<[16]
[17]>
(bb) references to an amount invested by a unit holder in an investment undertaking for the acquisition of a unit (in this paragraph referred to as the “original unit”), where the original unit has been exchanged for a unit or units in a transaction of the type referred to in paragraph (IIa) of the definition of “chargeable event” in section 739B(1), are references to the amount invested by the unit holder for the acquisition of the original unit, and
<[17]
(c) references to an amount invested by a unit holder in an investment undertaking for the acquisition of a unit shall, where the investment undertaking was on 31 March 2000 a specified collective investment undertaking and the unit was at that time a unit (within the meaning of section 734(1)) held by the unit holder as a unit holder (within the meaning of the said section) in relation to the specified collective investment undertaking, be references to the amount invested by the unit holder for the acquisition of the unit (within the said meaning) of the specified collective investment undertaking, or where that unit was otherwise acquired by the unit holder, the value of that unit at its date of acquisition by the unit holder.
(2) On the happening of a chargeable event in relation to an investment undertaking in respect of a unit holder, there shall, subject to this section [18]>and in accordance with subsection (2A)<[18], be treated as arising to the investment undertaking a gain in the amount of—
(a) where the chargeable event is the making of a relevant payment, the amount of the relevant payment,
(b) where the chargeable event is the making of any other payment by the investment undertaking to a person, by virtue of that person being a unit holder, otherwise than on the cancellation, redemption or repurchase of a unit, the amount of the payment,
(c) where the chargeable event is the making of a payment by the investment undertaking to a unit holder, on the cancellation, redemption or repurchase of a unit—
(i) the amount determined under subsection (3), or
(ii) where the investment undertaking has made an election under subsection (5), the amount of the payment reduced by the amount invested by the unit holder in the investment undertaking in acquiring the unit, and where the unit was otherwise acquired by the unit holder, the amount so invested shall be the value of the unit at the time of its acquisition by the unit holder,
(d) where the chargeable event is the transfer by a unit holder of entitlement to a unit,
(i) the amount determined under subsection (4), or
(ii) where the investment undertaking has made an election under subsection (5), the value of the unit transferred at the time of transfer reduced by the amount invested by the unit holder in the investment undertaking in acquiring the unit, and where the unit was otherwise acquired by the unit holder, the amount so invested shall be the value of the unit at the time of its acquisition by the unit holder,[13]>and<[13]
[14]>
(dd) where the chargeable event is the appropriation or cancellation of units by an investment undertaking as a consequence of the transfer by a unit holder of entitlement to a unit, [31]>except as a consequence of a gain arising on a chargeable event within the meaning of paragraph (ccc) in section 739B(1),<[31] the amount determined under subsection (5A), [19]>and<[19]
<[14]
[32]>
[20]>
(ddd) where the chargeable event is the ending of a relevant period in relation to a unit of a unit holder, the excess (if any) of the value of the unit, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising, held by the unit holder on the day of that ending over the total amount invested in the investment undertaking by the unit holder for the acquisition of the unit, and where the unit was otherwise acquired by the unit holder, the amount so invested to acquire that unit shall be the value of the unit at the time of its acquisition by the unit holder, and
<[20]
<[32]
[32]>
(ddd) where the chargeable event is the ending of a relevant period in relation to a unit of a unit holder—
(i) the excess (if any) of the value of the unit, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising, held by the unit holder on the day of that ending over the total amount invested in the investment undertaking by the unit holder for the acquisition of the unit, and where the unit was otherwise acquired by the unit holder, the amount so invested to acquire that unit shall be the value of the unit at the time of its acquisition by the unit holder, or
(ii) in a case where the investment undertaking has made an election under subsection (5B), the amount determined under that subsection, and
<[32]
(e) where the chargeable event is deemed to happen on 31 December 2000, the excess (if any) of the value of the units held by the unit holder on that day over the total amount invested in the investment undertaking by the unit holder for the acquisition of the units, and where any unit was otherwise acquired by the unit holder, the amount so invested to acquire that unit shall be the value of the unit at the time of its acquisition by the unit holder.
[21]>
(2A) Where—
[33]>
(a) a chargeable event, not being a chargeable event within the meaning of paragraph (ccc) of the definition of “chargeable event” in section 739B(1), occurs in relation to an investment undertaking in respect of a unit holder, and
<[33]
[33]>
(a) a chargeable event occurs in relation to an investment undertaking in respect of a unit holder, and
<[33]
(b) a chargeable event within the meaning of paragraph (ccc) of the definition of chargeable event in section 739B(1) occurred previously in relation to an investment undertaking in respect of a unit holder,
then the gain arising on the chargeable event referred to in paragraph (a) shall be determined as if section 739B(1)(ccc) had not been enacted.
<[21]
[7]>
(3) The amount referred to in subsection (2)(c) is the amount determined by the formula—
P |
− |
(C × N1) |
|
N2 |
where—
P is the amount in money or money’s worth payable to the unit holder on the cancellation, redemption or repurchase of units, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
C is the total amount invested by the unit holder in the investment undertaking to acquire the units held by the unit holder immediately before the chargeable event and—
(a) where any unit was otherwise acquired by the unit holder, or
(b) where a chargeable event was deemed to happen on 31 December 2000 in respect of the unit holder of that unit,
the amount so invested to acquire the unit is—
(i) where paragraph (a) applies, the value of the unit at the time of its acquisition by the unit holder, and
(ii) where paragraph (b) applies, the value of the unit on 31 December 2000, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
N1 is the number of units being cancelled, redeemed or, as the case may be, repurchased on the happening of the chargeable event, and
N2 is the total number of units held by the unit holder immediately before the chargeable event.
(4) The amount referred to in subsection (2)(d) is the amount determined by the formula—
V |
− |
(C × N1) |
|
N2 |
where—
V is the value of the units transferred, at the time of transfer, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
C is the total amount invested by the unit holder in the investment undertaking to acquire the units held by the unit holder immediately before the chargeable event and—
(a) where any unit was otherwise acquired by the unit holder, or
(b) where a chargeable event was deemed to happen on 31 December 2000 in respect of the unit holder of that unit,
the amount so invested to acquire the unit is—
(i) where paragraph (a) applies, the value of the unit at the time of its acquisition by the unit holder, and
(ii) where paragraph (b) applies, the value of the unit on 31 December 2000, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
N1 is the number of units transferred on the happening of the chargeable event, and
N2 is the total number of units held by the unit holder immediately before the chargeable event.
(5) The election referred to in paragraphs (c) and (d) of subsection (2) is an irrevocable election made by an investment undertaking—
(a) at the time it is set up or commenced, or
(b) where the investment undertaking was on 31 March 2000 a specified collective investment undertaking, on 1 April 2000,
in respect of all its unit holders at that time or any future time, so that, for the purposes of identifying units acquired with units subsequently disposed of by a unit holder, units acquired at an earlier time are deemed to have been disposed of before units acquired at a later time.
<[7]
[7]>
(3) The amount referred to in subsection (2)(c) is the amount determined by the formula—
P |
− |
(C × P) |
|
V |
where—
P is the amount in money or money’s worth payable to the unit holder on the cancellation, redemption or repurchase of units, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
C is the total amount invested by the unit holder in the investment undertaking to acquire the units held by the unit holder immediately [34]>before the chargeable event<[34] [34]>before the chargeable event, reduced by any amount of first tax (within the meaning of section 739E (1A)(a)),<[34] and—
(a) where any unit was otherwise acquired by the unit holder, or
(b) where a chargeable event was deemed to happen on 31 December 2000 in respect of the unit holder of that unit,
the amount so invested to acquire the unit is—
(i) where paragraph (a) applies, the value of the unit at the time of its acquisition by the unit holder, and
(ii) where paragraph (b) applies, the greater of the cost of first acquisition of the unit by the unit holder and the value of the unit on 31 December 2000, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
and
V is the total value of the units held by the unit holder immediately before the chargeable event.
(4) The amount referred to in subsection (2)(d) is the amount determined by the formula—
V1 |
− |
(C × V1) |
|
V2 |
where—
V1 is the value of the units transferred, at the time of transfer, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
C is the total amount invested by the unit holder in the investment undertaking to acquire the units held by the unit holder immediately [35]>before the chargeable event<[35] [35]>before the chargeable event, reduced by any amount of first tax (within the meaning of section 739E (1A)(a)),<[35] and—
(a) where any unit was otherwise acquired by the unit holder, or
(b) a chargeable event was deemed to happen on 31 December 2000 in respect of the unit holder of that unit,
the amount so invested to acquire the unit is—
(i) where paragraph (a) applies, the value of the unit at the time of its acquisition by the unit holder, and
(ii) where paragraph (b) applies, the greater of the cost of first acquisition of the unit by the unit holder and the value of the unit on 31 December 2000, without having regard to any amount of appropriate tax (within the meaning of section 739E) thereby arising,
and
V2 is the total value of the units held by the unit holder immediately before the chargeable event.
(5) (a) The election referred to in paragraphs (c) and (d) of subsection (2) is an irrevocable election made by an investment undertaking in respect of all its unit holders at the time of the election or at any other time, so that, for the purposes of identifying units acquired with units subsequently disposed of by a unit holder, units acquired at an earlier time are deemed to have been disposed of before units acquired at a later time.
(b) On the first occasion that an investment undertaking is required to compute a gain on the happening of a chargeable event in respect of a unit holder on the cancellation, redemption, repurchase or transfer of a unit, and—
(i) the gain is computed in accordance with paragraph (a), the investment undertaking will be deemed to have made the election specified in that paragraph, or
(ii) the gain is not computed in accordance with paragraph (a), an election under paragraph (a) shall not be made.
<[7]
[38]>
[15]>
(5A) The amount referred to in subsection (2)(dd) is the amount determined by the formula—
where—
A is the appropriate tax payable on the transfer by a unit holder of entitlement to a unit in accordance with subsection (2)(d),
G is the amount of the gain on that transfer of that unit divided by the value of that unit, and
S is the standard rate per cent (within the meaning of section 4).
<[15]
<[38]
[43]>
[38]>
(5A) The amount referred to in subsection (2)(dd) is the amount determined by the formula—
where—
A is the appropriate tax payable on the transfer by a unit holder of entitlement to a unit in accordance with subsection (2)(d), and
G is the amount of the gain on that transfer of that unit divided by the value of that unit.
<[38]
<[43]
[43]>
(5A) [51]>The amount<[51][51]>Subject to subsection (5AA), the amount<[51] referred to in subsection (2)(dd) is the amount determined—
(a) where the unit holder is a company, by the formula—
100 |
|
A × G × |
100 – (G × 25) |
and
(b) in any other case, by the formula—
where in relation to the formula in paragraphs (a) and (b)—
A is the appropriate tax payable on the transfer by a unit holder of entitlement to a unit in accordance with subsection (2)(d), and
G is the amount of the gain on that transfer of that unit divided by the value of that unit.
<[43]
[52]>
(5AA) Where the unit holder is a company—
(a) the formula specified in subsection (5A)(a) shall not apply unless the unit holder has made the declaration referred to in paragraph (b), and
(b) the formula specified in subsection (5A)(b) shall apply unless immediately before the chargeable event, the investment undertaking is in possession of a declaration from the unit holder to the effect that the unit holder is a company and which includes the company’s tax reference number (within the meaning of section 891B(1)).
<[52]
[36]>
(5B) (a) The election referred to in paragraph (ddd) of subsection (2) is an irrevocable election made by an investment undertaking in respect of all its unit holders at the time of the election or at any other time and the amount is as determined by the formula—
A1 − A2
where—
A1 is the value of the unit at the later of 30 June or 31 December prior to the date of the chargeable event,
and
A2 is—
(i) the total amount invested in the investment undertaking by the unit holder for the acquisition of the unit, and where the unit was otherwise acquired by the unit holder, the amount so invested to acquire that unit shall be the value of the unit at the time of its acquisition by the unit holder, or
(ii) if a chargeable event to which paragraph (ccc) of section 739B(1) refers has previously occurred, the value of the unit at the later of 30 June or 31 December prior to the date of the latest of such chargeable events.
(b) On the first occasion that the investment undertaking is required to compute a gain on the happening of a chargeable event within the meaning of paragraph (ccc) in section 739B(1) in respect of a unit holder, and—
(i) the gain is computed in accordance with paragraph (a), the investment undertaking will be deemed to have made the election specified in that paragraph, or
(ii) the gain is not computed in accordance with paragraph (a), an election under paragraph (a) shall not be made.
<[36]
(6) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where, immediately before the chargeable event, the unit holder—
(a) is a pension scheme which has made a declaration to the investment undertaking in accordance with paragraph 2 of Schedule 2B,
(b) is a company carrying on life business within the meaning of section 706, and which company has made a declaration to the investment undertaking in accordance with paragraph 3 of Schedule 2B,
(c) is another investment undertaking which has made a declaration to the investment undertaking in accordance with paragraph 4 of Schedule 2B,
[54]>
(cc) is an investment limited partnership within the meaning of section 739J which has made a declaration to the investment undertaking in accordance with paragraph 4A of Schedule 2B,
<[54]
(d) is a special investment scheme which has made a declaration to the investment undertaking in accordance with paragraph 5 of Schedule 2B,
(e) is a unit trust to which section 731(5)(a) applies, and the unit trust has made a declaration to the investment undertaking in accordance with paragraph 6 of Schedule 2B,
[10]>
(f) is a person who—
(i) is entitled to exemption from income tax by virtue of section 207(1)(b), and
(ii) has made a declaration to the investment undertaking in accordance with paragraph 7 of Schedule 2B,
<[10]
[10]>
(f) (i) is a person who—
(I) is exempt from income tax under Schedule D by virtue of section 207(1)(b), or
(II) is exempt from corporation tax by virtue of section 207(1)(b) as it applies for the purposes of corporation tax under section 76(6),
and
(ii) has made a declaration to the investment undertaking in accordance with paragraph 7 of Schedule 2B,
<[10]
(g) is a qualifying management company or a specified company and has made a declaration to the investment undertaking in accordance with paragraph 8 of [23]>Schedule 2B, or<[23][23]>Schedule 2B,<[23]
[8]>
(h) is a person who is entitled to exemption from income tax and capital gains tax by virtue of section 784A(2) (as amended by the Finance Act, 2000) and the units held are assets of an approved retirement fund or an approved minimum retirement fund and the qualifying fund manager has made a declaration to the investment undertaking in accordance with paragraph 9 of Schedule 2B,
<[8]
[8]>
(h) is a person who is entitled to exemption from income tax and capital gains tax by virtue of section 784A(2) (as amended by the Finance Act, 2000) or by virtue of section 848E (inserted by the Finance Act, 2001) and the units held are assets of an approved retirement fund, an approved minimum retirement fund or, as the case may be, a special savings incentive account, and the qualifying fund manager, or, as the case may be, the qualifying savings manager has made a declaration to the investment undertaking in accordance with paragraph 9 of [28]>Schedule 2B.<[28][28]>Schedule 2B, or<[28]
<[8]
[24]>
(i) is a person who is entitled to exemption from income tax and capital gains tax by virtue of section 787I (as inserted by section 4 of the Pensions (Amendment) Act, 2002) and the units held are assets of a PRSA (within the meaning of Chapter 2A of Part 30) and the PRSA administrator (within the meaning of that Chapter 2A) has made a declaration to the investment undertaking in accordance with paragraph 9A of Schedule 2B,
<[24]
[29]>
(j) is a credit union that has made a declaration to the investment undertaking in accordance with paragraph 9B of Schedule 2B, [25]>or<[25]
(k) (I) is a company that—
(A) is or will be within the charge to corporation tax in accordance with section 739G(2) [26]>[22]>or 110(2)<[22]<[26], in respect of payments made to it by the investment undertaking,
(B) has made a declaration to that effect and has provided the investment undertaking with the company’s tax reference number (within the meaning of section 885),
and
(II) the investment undertaking is a money market fund,
<[29]
[40]>
(ka) is the National Asset Management Agency and has made a declaration to that effect to the investment undertaking,
<[40]
[56]>
(kb) is the National Treasury Management Agency or a Fund investment vehicle (within the meaning of section 37 of the National Treasury Management Agency (Amendment) Act 2014) of which the Minister for Finance is the sole beneficial owner, or the State acting through the National Treasury Management Agency, and the National Treasury Management Agency has made a declaration to that effect to the investment [60]>undertaking, or<[60][60]>undertaking,<[60]
<[56]
[61]>
(kc) is the Motor Insurers’ Bureau of Ireland in respect of an investment made by it of moneys paid to the Motor Insurers Insolvency Compensation Fund under the Insurance Act 1964 (amended by the Insurance (Amendment) Act 2018), and the Motor Insurers’ Bureau of Ireland has made a declaration to that effect [62]>to the investment undertaking, or<[62][62]>to the investment undertaking,<[62]
<[61]
[27]>
[39]>
(l) is the National pensions Reserve Fund Commission and has made a declaration to that effect to the investment undertaking, or
<[39]
[57]>
[39]>
(l) is—
(i) the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009)), or
(ii) the State acting through the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009)),
and has made a declaration to that effect to the investment undertaking, or
<[39]
<[57]
(m) is a company that—
(i) is or will be within the charge to corporation tax in accordance with section 110(2), in respect of payments made to it by the investment undertaking, and
(ii) has made a declaration to that effect and has provided the investment undertaking with the company’s tax reference number [63]>(within the meaning of section 885),<[63][63]>(within the meaning of section 885), or<[63]
<[27]
[64]>
(n) is a person who is entitled to exemption from income tax and capital gains tax by virtue of section 787AC and the units held are assets of a PEPP (within the meaning of Chapter 2D of Part 30) and the PEPP provider (within the meaning of that Chapter 2D) has made a declaration to the investment undertaking in accordance with paragraph 15 of Schedule 2B,
<[64]
and the investment undertaking is in the possession of the declaration immediately before the chargeable event.
(7) Subject to subsection (8), a gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where, immediately before the chargeable event, the investment undertaking—
(a) is in possession of a declaration of a kind referred to in—
(i) paragraph 10 of Schedule 2B, or
(ii) where the unit holder is not a company, paragraph 11 of that Schedule, and
(b) is not in possession of any information which would reasonably suggest that—
(i) the information contained in that declaration is not, or is no longer, materially correct,
(ii) the unit holder failed to comply with the undertaking referred to in paragraph 10(g) or 11(f), as the case may be, of Schedule 2B, or
(iii) immediately before the chargeable event the unit holder is resident or ordinarily resident in the State.
[2]>
(7A) Where an investment undertaking is in possession of—
(a) a declaration made by a unit holder who is a person referred to in subsection (6), or
(b) a declaration made by a unit holder of the kind referred to in subsection (7) and paragraph (b) of that subsection is satisfied,
which unit holder is entitled to the units in respect of which the declaration was made, a gain shall not be treated as arising—
(i) to the investment undertaking on the happening of a chargeable event in respect of the unit holder in relation to any other units in the investment undertaking to which the unit holder becomes entitled, or
(ii) to another investment undertaking which is associated with the investment undertaking referred to in subparagraph (i), on the happening of a chargeable event in respect of the unit holder in relation to units in that other investment undertaking to which the unit holder becomes entitled.
<[2]
[41]>
(7B) (a) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where, immediately before the chargeable event, the investment undertaking is in possession of written notice of approval from the Revenue Commissioners to the effect that [44]>subsection (7)<[44][44]>subsection (7) or (9), as the case may be,<[44] is deemed to have been complied with in respect of the unit holder, and that approval has not been withdrawn.
(b) The Revenue Commissioners may give to an investment undertaking the approval, referred to in paragraph (a), that [45]>subsection (7)<[45][45]>subsection (7) or (9), as the case may be,<[45] is deemed to have been complied with—
(i) as respects any unit holder or class of unit holder, and
(ii) subject to such conditions as they consider necessary so as to satisfy themselves that, at the time the approval is granted, appropriate equivalent measures have been put in place by the investment undertaking to ensure that unit holders in that investment undertaking are not resident or ordinarily resident in the State.
(c) (i) The Revenue Commissioners may by notice in writing withdraw any approval given under paragraph (b) if an investment undertaking has failed to comply with any of the conditions subject to which the approval was given.
(ii) Where approval is withdrawn in accordance with subparagraph (i), paragraph (a) shall not apply from such date, and in respect of such unit holder or class of unit holder, as may be specified in the notice.
(d) The Revenue Commissioners may nominate in writing an inspector or other officer to perform any acts and discharge any functions authorised by this subsection to be performed or discharged by the Revenue Commissioners.
<[41]
[3]>
(8) (a) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where—
(i) the investment undertaking was on 31 March 2000 a specified collective investment undertaking and the unit holder was a unit holder (within the meaning of section 734(1)) in relation to that specified collective investment undertaking at that time, and
(ii) the investment undertaking on or before 30 June 2000 makes to the Collector-General a declaration in accordance with paragraph 12 of Schedule 2B,
otherwise than, subject to paragraph (b), in respect of a unit holder (in this subsection and in section 739G referred to as an “excepted unit holder”)—
(A) whose name is included in the schedule to the declaration by virtue of paragraph 12(d) of Schedule 2B, and
(B) who has not made a declaration of a kind referred to in subsection (6) to the investment undertaking.
(b) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of an excepted unit holder where the chargeable event is deemed to happen on 31 December 2000.
<[3]
[3]>
(8) (a) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where the investment undertaking was on 31 March 2000 a specified collective investment undertaking and—
(i) the unit holder was a unit holder (within the meaning of section 734(1)) in relation to that specified collective investment undertaking at that time and the investment undertaking on or before 30 June 2000 makes to the Collector-General a declaration in accordance with paragraph 12 of Schedule 2B, or
(ii) the unit holder otherwise became a unit holder on or before 30 September 2000 and the investment undertaking forwarded to the Collector-General, on or before 1 November 2000, a list containing the name and address of each such unit holder who is resident in the State,
otherwise than, subject to paragraph (b), in respect of a unit holder (in this subsection and in section 739G referred to as an “excepted unit holder”)—
(I) whose name is included in the schedule to the declaration referred to in paragraph 12(d) of Schedule 2B or the list referred to in subparagraph (ii), and
(II) who has not made a declaration of a kind referred to in subsection (6) to the investment undertaking.
(b) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of an excepted unit holder where a chargeable event is deemed to happen on 31 December 2000.
(8A) Where under subsection (8)(a) a gain is not treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder who acquired units on or before 30 September 2000, a gain shall not be treated as arising—
(a) to the investment undertaking on the happening of a chargeable event in respect of the unit holder in relation to any other units in the investment undertaking to which the unit holder becomes entitled, or
(b) to another investment undertaking which is associated with the investment undertaking referred to in paragraph (a), on the happening of a chargeable event in respect of the unit holder in relation to units in that other investment undertaking to which the unit holder becomes entitled.
(8B) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where—
(a) the investment undertaking was a unit trust mentioned in section 731(5)(a),
(b) the unit holder held units in that unit trust at the time that it became an investment undertaking, and
(c) within 30 days of that time, the investment undertaking forwards to the Collector-General a list containing the name and address of each such unit holder and such other information as the Revenue Commissioners reasonably require.
(8C) (a) In this section a “scheme of amalgamation” means an arrangement whereby a unit holder in a unit trust referred to in section 731(5)(a) exchanges units so held, for units in an investment undertaking.
(b) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where—
(i) the unit holder acquires units in the investment undertaking in exchange for units held in a unit trust referred to in section 731(5)(a), under a scheme of amalgamation, and
(ii) within 30 days of the scheme of amalgamation taking place, the investment undertaking forwards to the Collector-General a list containing, in respect of each unit holder who so acquired units in the investment undertaking, the name and address and such other information as the Revenue Commissioners may reasonably require.
(8D) [11]>(a) In this section “scheme of migration and amalgamation” means an arrangement whereby the assets of a unit trust, whose trustees are neither resident nor ordinarily resident in the State, are transferred to an investment undertaking in exchange for the issue by the investment undertaking of units to the unit holders of the unit trust, in proportion to the number of units they so held, and as a result of which the units in the unit trust become negligible in value.<[11]
[11]>
(b) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where—
(i) under a scheme of migration and amalgamation the unit holder acquires units in the investment undertaking in exchange for units held in a unit trust whose trustees are neither resident nor ordinarily resident in the State, and
(ii) within 30 days of the scheme of migration and amalgamation taking place, the investment undertaking forwards to the Collector-General, a declaration of a kind referred to in paragraph (c),
otherwise than in respect of a unit holder whose name is included in the schedule referred to in paragraph (c)(ii).
<[11]
[11]>
(a) In this subsection—
“offshore fund” means any of the following—
(i) a company not resident in the State,
(ii) a unit trust scheme, the trustees of which are neither resident nor ordinarily resident in the State, and
(iii) any arrangements not within subparagraphs (i) or (ii) which take effect by virtue of the law of a territory outside the State and which under that law create rights in the nature of co-ownership without restricting that expression to its meaning in the law of the State),
in which persons have an interest and which is established for the purposes of collective investment by such persons and references in this subsection to an offshore fund shall be construed as a reference to any such company, unit trust scheme or arrangements, in which such persons have an interest;
[47]>
“scheme of migration and amalgamation” means an arrangement whereby the assets of an offshore fund are transferred to an investment undertaking in exchange for the issue by the investment undertaking of units to each of the persons who have an interest in the offshore fund, in proportion to the value of that interest, and as a result of which the value of that interest becomes negligible.
<[47]
[47]>
“scheme of migration and amalgamation” means an arrangement whereby the assets of an offshore fund are transferred to an investment undertaking in exchange for the issue by the investment undertaking of units—
(i) to each of the persons who have an interest in the offshore fund, in proportion to the value of that interest, and as a result of which the value of that interest becomes negligible, or
(ii) to that offshore fund.
<[47]
(b) [48]>A gain shall not be treated as arising<[48][48]>Subject to paragraph (d), a gain shall not be treated as arising<[48] to an investment undertaking on the happening of a chargeable event in respect of a unit holder where—
(i) under a scheme of migration and amalgamation the unit holder acquires units in the investment undertaking in exchange for the unit holder’s interest in an offshore fund, and
(ii) within 30 days of the scheme of migration and amalgamation taking place, the investment undertaking forwards to the [49]>Collector-General<[49][49]>inspector or other officer of the Revenue Commissioners nominated under subsection (7B)(d)<[49] a declaration of a kind referred to in paragraph (c),
otherwise than in respect of a unit holder whose name is included in the schedule referred to in paragraph (c)(ii).
<[11]
(c) The declaration referred to in paragraph (b) is a declaration in writing made and signed by the investment undertaking which—
(i) declares to the best of the investment undertaking’s knowledge and belief that at the time of the scheme of migration and amalgamation it did not issue units to a person who was resident in the State at that time, other than such persons whose names and addresses are set out on the schedule to the declaration, and
(ii) contains a schedule which sets out the name and address of each person who was resident in the State at the time that the person was issued units by the investment undertaking under the scheme of migration and amalgamation.
<[3]
[50]>
(d) A gain which, by virtue of paragraph (b), would not otherwise be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder shall nevertheless be treated as so arising where, immediately before the chargeable event, the investment undertaking is in possession of any information which would reasonably suggest that the unit holder is resident in the State.
<[50]
[46]>
(8E) (a) In this subsection—
“relevant jurisdiction” has the same meaning as in[58]> section 256F(1) of the Companies Act 1990<[58][58]>section 1408(1) of the Companies Act 2014<[58];
“scheme of migration” means either of the following—
(i) a migrating company (within the meaning of [59]>section 256F of the Companies Act 1990<[59][59]>section 1408(1) of the Companies Act 2014<[59]) which holds an authorisation from the Central Bank of Ireland to carry on business in the State under [59]>Part XIII<[59][59]>Part 24<[59] of that Act, and which authorisation has not been revoked, or
(ii) a unit trust which has migrated from a relevant jurisdiction and which holds an authorisation from the Central Bank of Ireland to carry on business in the State as an authorised unit trust scheme under the Unit Trusts Act 1990 or as a unit trust within the meaning of the relevant Regulations, and which authorisation has not been revoked.
(b) Where, under a scheme of migration, a company or a unit trust, as the case may be, comes within the definition of “investment undertaking” in section 739B(1), the following provisions apply—
(i) subject to subparagraph (iii), a gain shall not be treated as arising to that investment undertaking on the happening of a chargeable event in respect of a unit holder holding units in that investment undertaking at the time of the scheme of migration, otherwise than in respect of a unit holder whose name is included in the schedule referred to in subparagraph (ii), where the investment undertaking, within 30 days of the scheme of migration taking place, forwards to the inspector or other officer of the Revenue Commissioners nominated under subsection (7B)(d), a declaration of a kind referred to in subparagraph (ii),
(ii) the declaration referred to in subparagraph (i) is a declaration in writing made and signed by the investment undertaking which—
(I) declares to the best of the investment undertaking’s knowledge and belief that at the time of the scheme of migration no units in that investment undertaking were held by a person who was resident in the State, other than the persons whose names and addresses are set out in the schedule to the declaration, and
(II) contains a schedule which sets out the name and address of each person who, at the time of the scheme of migration, was resident in the State,
and
(iii) a gain which, by virtue of subparagraph (i), would not otherwise be treated as arising to that investment undertaking on the happening of a chargeable event in respect of a unit holder shall nevertheless be treated as so arising where, immediately before the chargeable event, the investment undertaking is in possession of any information which would reasonably suggest that the unit holder is resident in the State.
<[46]
[12]>
(9) [4]>A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder who is an intermediary<[4][4]>A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder<[4], where immediately before the chargeable event the investment undertaking—
(a) is in possession of a declaration of a kind referred to in paragraph 13 of Schedule 2B, and
(b) is not in possession of any information which would reasonably suggest that—
(i) the information contained in that declaration is not, or is no longer, materially correct,
(ii) the intermediary failed to comply with the undertaking referred to in paragraph 13(e) of Schedule 2B, or
(iii) any of the persons, on whose behalf the intermediary holds units of, or receives payments from, the investment undertaking, is resident or ordinarily resident in the State.
<[12]
[12]>
(9)A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder, where immediately before the chargeable event the investment undertaking or an investment undertaking associated with the first-mentioned investment undertaking—
(a) is, in relation to the units concerned, in possession of a declaration of a kind referred to in paragraph 13 of Schedule 2B, and
(b) is not in possession of any information which would reasonably suggest that—
(i) the information contained in that declaration is not, or is no longer, materially correct,
(ii) the intermediary failed to comply with the undertaking referred to in paragraph 13(e) of Schedule 2B, or
(iii) any of the persons, on whose behalf the intermediary holds units of, or receives payments from, the investment undertaking, is resident or ordinarily resident in the State.
(9A) A gain shall not be treated as arising to an investment undertaking on the happening of a chargeable event in respect of a unit holder where immediately before the chargeable event the investment undertaking or an investment undertaking associated with the first-mentioned investment undertaking—
(a) is, in relation to the units concerned, in possession of a declaration of a kind referred to in paragraph 14 of Schedule 2B, and
(b) is not in possession of any information which would reasonably suggest that—
(i) the information contained in that declaration is not, or is no longer, materially correct,
(ii) the intermediary failed to comply with the undertaking referred to in paragraph 14(e) of Schedule 2B, or
(iii) any of the persons, on whose behalf the intermediary holds units of, or receives payment from, the investment undertaking, is not a person referred to in [30]>paragraphs (a) to (h)<[30][30]>paragraphs (a) to (k)<[30] of section 739D(6).
<[12]
[5]>
(10) An investment undertaking shall keep and retain declarations made to it in accordance with Schedule 2B for a period of 6 years from the time the unit holder of the units in respect of which a declaration was made, ceases to be such a unit holder.
<[5]
[5]>
(10) An investment undertaking shall keep and retain declarations made to it in accordance with Schedule 2B for a period of 6 years from the time the unit holder of the units in respect of which the declaration was made, ceases to be both such a unit holder and a unit holder in all investment undertakings which are associated with the investment undertaking.
<[5]
<[1]
[13]
Deleted by FA04 s29(1)(b)(i). This section applies as respects the appropriation or cancellation of a unit on or after 4 February 2004.
[14]
Inserted by FA04 s29(1)(b)(ii). This section applies as respects the appropriation or cancellation of a unit on or after 4 February 2004.
[15]
Inserted by FA04 s29(1)(b)(iii). This section applies as respects the appropriation or cancellation of a unit on or after 4 February 2004.
[18]
Inserted by FA06 s50(1)(b)(i)(I). This section applies and has effect as respects any chargeable event occurring on or after 31 March 2006
[19]
Deleted by FA06 s50(1)(b)(i)(II). This section applies and has effect as respects any chargeable event occurring on or after 31 March 2006
[20]
Inserted by FA06 s50(1)(b)(i)(III). This section applies and has effect as respects any chargeable event occurring on or after 31 March 2006
[21]
Inserted by FA06 s50(1)(b)(ii). This section applies and has effect as respects any chargeable event occurring on or after 31 March 2006
[31]
Inserted by FA08 s39(1)(b)(i)(I). Applies and has effect as respects any chargeable event (within the meaning of section 739B(1)) occurring on or after 13 March 08.
[32]
Substituted by FA08 s39(1)(b)(i)(II). Applies and has effect as respects any chargeable event (within the meaning of section 739B(1)) occurring on or after 13 March 08.
[33]
Substituted by FA08 s39(1)(b)(ii). Applies and has effect as respects any chargeable event (within the meaning of section 739B(1)) occurring on or after 13 March 08.
[34]
Substituted by FA08 s39(1)(b)(iii). Applies and has effect as respects any chargeable event (within the meaning of section 739B(1)) occurring on or after 13 March 08.
[35]
Substituted by FA08 s39(1)(b)(iv). Applies and has effect as respects any chargeable event (within the meaning of section 739B(1)) occurring on or after 13 March 08.
[36]
Inserted by FA08 s39(1)(b)(v). Applies and has effect as respects any chargeable event (within the meaning of section 739B(1)) occurring on or after 13 March 08.
[37]
Substituted by F(No.2)A08 s27(1)(c)(i). Applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 1 January 2009.
[38]
Substituted by FA09 s10(4)(a). Applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 8 April 2009.
[39]
Substituted by the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009 s9(d). With effect from 30 March 2009 per SI No. 102 of 2009.
[42]
Substituted by FA11 s31(4)(a). Applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 1 January 2011.
[43]
Substituted by FA12 s28(4)(a). Has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 1 January 2012.
[44]
Substituted by FA12 s31(a). Deemed to have come into force and takes effect on and from 1 January 2012.
[45]
Substituted by FA12 s31(a). Deemed to have come into force and takes effect on and from 1 January 2012.
[46]
Inserted by FA12 s31(b). Deemed to have come into force and takes effect on and from 1 January 2012.
[47]
Substituted by FA12 s35(a). Deemed to have come into force and takes effect on and from 1 January 2012.
[48]
Substituted by FA12 s35(b). Deemed to have come into force and takes effect on and from 1 January 2012.
[49]
Substituted by FA12 s35(c). Deemed to have come into force and takes effect on and from 1 January 2012.
[50]
Inserted by FA12 s35(d). Deemed to have come into force and takes effect on and from 1 January 2012.
[51]
Substituted by FA13 s39(2)(a). Deemed to have come into force and takes effect on and from 1 January 2013.
[52]
Inserted by FA13 s39(2)(b). Deemed to have come into force and takes effect on and from 1 January 2013.
[53]
Substituted by FA13 s40(4)(a). Applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1) of the Principal Act) on or after 1 January 2013.
[54]
Inserted by FA13 s42(1)(d). Applies in respect of an investment limited partnership that has been granted an authorisation under section 8 of the Investment Limited Partnerships Act 1994 on or after 13 February 2013.
[55]
Substituted by F(No.2)A13 s30(4)(a). Applies and has effect as respects the happening of a chargeable event in relation to an investment undertaking (within the meaning of section 739B(1)) on or after 1 January 2014.
[58]
Substituted by FA17 sched2(1)(ap)(i). Deemed to have come into operation on 1 June 2015.
[59]
Substituted by FA17 sched2(1)(ap)(ii). Deemed to have come into operation on 1 June 2015.