Taxes Consolidation Act, 1997 (Number 39 of 1997)
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739NAnti-avoidance: multiple funds further measures.
(1) Where—
(a)an IREF would otherwise be a personal portfolio IREF in accordance with section 739M(3)(a), and
(b)the [2]>scheme<[2][2]>pension scheme<[2], undertaking or company, as the case may be, in respect of which it is a personal portfolio IREF would not be a personal portfolio IREF under section 739M(3)(b)(i),
then the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(2)Where an IREF would only be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) because of a scheme of amalgamation to which section 739D(8C) applied, the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
(3)Where an IREF would be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) solely because a person connected with the unit holder may select or influence the IREF assets or IREF business where that connected person can not—
(a)be influenced by that unit holder in the exercise of their duties, or
(b)show any preference, or give any consideration, to that unit holder over and above any other unit holder,
then that IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.
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(4) An IREF (referred to in this subsection as the ‘first mentioned IREF’) shall not be treated as a personal portfolio IREF of a unit holder which is an IREF (referred to in this subsection as the ‘second mentioned IREF’) where the holding of the units—
(a) in the first mentioned IREF by the second mentioned IREF is for bona fide commercial purposes, and
(b) is not part of a scheme or arrangement the main purpose, or one of the main purposes of which, is the avoidance of tax.
(5) Section 29(3) shall not apply to the disposal of an asset which derives its value, or the greater part of its value, directly or indirectly from units in an IREF.
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