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Amendment of section 23A of Principal Act (company residence)
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39. (1) Section 23A of the Principal Act is amended by inserting the following subsection after subsection (4):
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“(5) Notwithstanding subsection (3)—
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(a) where a company—
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(i) is incorporated in the State and, by virtue of the law of a relevant territory other than the State, would be resident in that relevant territory for the purposes of tax if it were incorporated in that relevant territory but would not otherwise be resident for tax purposes in that relevant territory, and
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(ii) is managed and controlled in that relevant territory and, by virtue of the law of the State, would be resident for the purposes of tax in the State if it were so managed and controlled in the State but would not otherwise be resident for tax purposes in the State,
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and
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(b) accordingly, the company would not, apart from this subsection, be regarded, by virtue of the law of any territory, as resident in that territory for the purposes of tax,
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that company shall be regarded for the purposes of the Tax Acts and the Capital Gains Tax Acts as resident in the State.”.
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(2) This section has effect from—
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(a) 24 October 2013, as respects a company incorporated on or after that date, and
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(b) 1 January 2015, as respects a company incorporated before 24 October 2013.
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