Finance Act 2012

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Amendment of section 739D (gain arising on a chargeable event) of Principal Act.

31.— Section 739D of the Principal Act is amended—

(a) in subsection (7B)(a) and (b) by substituting “subsection (7) or (9), as the case may be,” for “subsection (7)” in each place, and

(b) by inserting the following after subsection (8D):

“(8E) (a) In this subsection—

‘relevant jurisdiction’ has the same meaning as in section 256F(1) of the Companies Act 1990 ;

‘scheme of migration’ means either of the following—

(i) a migrating company (within the meaning of section 256F of the Companies Act 1990 ) which holds an authorisation from the Central Bank of Ireland to carry on business in the State under Part XIII of that Act, and which authorisation has not been revoked, or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Unit Trusts Act 1990 or as a unit trust within the meaning of the relevant Regulations, and which authorisation has not been revoked.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.”.