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Scheme of migration and amalgamation.
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35.— Section 739D of the Principal Act is amended in subsection (8D)—
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(a) in paragraph (a) by substituting the following for the definition of “scheme of migration and amalgamation”:
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“ ‘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—
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(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
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(ii) to that offshore fund.”,
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(b) in paragraph (b) by substituting “Subject to paragraph (d), a gain shall not be treated as arising” for “A gain shall not be treated as arising”,
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(c) in paragraph (b)(ii) by substituting “inspector or other officer of the Revenue Commissioners nominated under subsection (7B)(d)” for “Collector-General”, and
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(d) by inserting the following after paragraph (c):
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“(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.”.
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