Capital Acquisitions Tax Consolidation Act 2003 (Number 1 of 2003)
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75 Exemption of specified collective investment undertakings.
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[FA 1989 s85(1) and (2); FA 2001 s224(2) and (4) (part)]
“investment undertaking” has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997;
“specified collective investment undertaking” has the assigned to it by section 734 of the Taxes Consolidation Act 1997;
“unit”, in relation to an investment undertaking, has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997;
“unit”, in relation to a specified collective investment undertaking, has the meaning assigned to it by section 734 of the Taxes Consolidation Act 1997.
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(1) In this section—
“common contractual fund” has the meaning assigned to it by section 739I of the Taxes Consolidation Act 1997;
“investment undertaking” has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997;
“unit”, in relation to a common contractual fund, has the meaning assigned to it by section 739I of the Taxes Consolidation Act 1997;
“unit”, in relation to an investment undertaking, has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997.
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(2) Where any unit of an investment undertaking or of a [4]>specified collective investment undertaking<[4][4]>common contractual fund<[4] is comprised in a gift or an inheritance, then such unit—
(a) is exempt from tax, and
(b) is not taken into account in computing tax on any gift or inheritance taken by the donee or successor,
if it is shown to the satisfaction of the Commissioners that—
(i) the unit is comprised in the gift or inheritance—
(I) at the date of the gift or at the date of the inheritance, and
(II) at the valuation date,
(ii) at the date of the disposition, the disponer is neither domiciled nor ordinarily resident in the State, and
(iii) at the date of the gift or at the date of the inheritance, the donee or successor is neither domiciled nor ordinarily resident in the State.
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(3) Where—
(a) any unit of an investment undertaking or of a specified collective investment undertaking which is comprised in a gift or inheritance came into the beneficial ownership of the disponer or became subject to the disposition prior to 15 February 2001, and
(b) the conditions at [1]>subparagraphs<[1][1]>paragraphs<[1] (i) and (iii) of subsection (2) are complied with,
then that subsection shall apply to that unit of an investment undertaking or to that unit of a specified collective investment undertaking, as the case may be, comprised in a gift or inheritance, if at the date of the disposition, the proper law of the disposition was not the law of the State.
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(3) Where—
(a) any unit of an investment undertaking which is comprised in a gift or inheritance came into the beneficial ownership of the disponer or became subject to the disposition prior to 15 February 2001, and
(b) the conditions at subparagraphs (i) and (iii) of subsection (2) are complied with,
then that subsection shall apply to that unit of an investment undertaking comprised in a gift or inheritance, if at the date of the disposition, the proper law of the disposition was not the law of the State.
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75 Exemption of specified collective investment undertakings.
(1) In this section—
“collective investment scheme” means a bona fide scheme for the purpose, or having the effect, solely or mainly, of providing facilities for the participation by the public or other investors in profits or income arising from the acquisition, holding, management or disposal of securities or any other property;
“common contractual fund” has the meaning assigned to it by section 739I of the Taxes Consolidation Act 1997;
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“investment limited partnership” has the meaning assigned to it by section 739J of the Taxes Consolidation Act 1997;
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“investment undertaking” has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997;
“unit”, in relation to a collective investment scheme, includes shares, members’ interests, limited partnership interests and any other instruments granting an entitlement to the income or investments from the scheme;
“unit”, in relation to a common contractual fund, has the meaning assigned to it by section 739I of the Taxes Consolidation Act 1997;
“unit”, in relation to an investment undertaking, has the meaning assigned to it by section 739B of the Taxes Consolidation Act 1997.
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“unit”, in relation to an investment limited partnership, has the meaning assigned to it by section 739J of the Taxes Consolidation Act 1997;
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(1A) For the avoidance of doubt, the definition of ‘collective investment scheme’ in subsection (1) does not include a central securities depository (within the meaning of Regulation 909/2014 of the European Parliament and of the Council of 23 July 20141) whose rules require holders of interests in securities, held by the depository, to hold those interests by way of a co-ownership interest in a fungible pool of underlying securities.
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(2) Where any unit of a collective investment scheme which is incorporated or otherwise formed under the law of a territory outside the State, [8]>a common contractual fund or an investment undertaking<[8][8]>a common contractual fund, an investment limited partnership or an investment undertaking<[8] is comprised in a gift or an inheritance, then, such unit—
(a) is exempt from tax, and
(b) is not taken into account in computing tax on any gift or inheritance taken by the donee or successor,
if it is shown to the satisfaction of the Commissioners that—
(i) the unit is comprised in the gift or inheritance—
(I) at the date of the gift or the date of the inheritance, and
(II) at the valuation date,
(ii) at the date of the disposition, the disponer is neither domiciled nor ordinarily resident in the State, and
(iii) at the date of the gift or at the date of the inheritance, the donee or successor is neither domiciled nor ordinarily resident in the State.
(3) Where—
(a) any unit of an investment undertaking which is comprised in a gift or an inheritance came into the beneficial ownership of the disponer or became subject to the disposition prior to 15 February 2001, and
(b) the conditions of subparagraphs (i) and (iii) of subsection (2) are complied with,
then, that subsection shall apply to that unit of an investment undertaking comprised in a gift or an inheritance, if at the date of the disposition, the proper law of the disposition was not the law of the State.
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Footnotes
1 OJ No. L257, 28.8.2014, p.1
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Substituted by FA05 s134(1)(a). Has effect in relation to gifts or inheritances taken on or after the passing of this Act. FA05 25-03-05
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Substituted by FA05 s134(1)(b). Has effect in relation to gifts or inheritances taken on or after the passing of this Act. FA05 25-03-05
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Substituted by FA05 s134(1)(c). Has effect in relation to gifts or inheritances taken on or after the passing of this Act. FA05 25-03-05
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Substituted by FA10 s144(1). This section applies to gifts and inheritances taken on or after 4 February 2010.
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Inserted by FA13 s89(1)(a). Applies to gifts and inheritances taken on or after 27 March 2013.
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Substituted by FA13 s89(1)(b). Applies to gifts and inheritances taken on or after 27 March 2013.