Stamp Duties Consolidation Act 1999 section 88F

Reconstruction or amalgamation of offshore funds

Section 88F exempts from stamp duty any instrument made for the purposes of, or in connection with, a reconstruction or amalgamation of an offshore fund, or an exchange of interests between sub-funds of the same umbrella scheme.

• No stamp duty arises on instruments giving effect to a scheme of reconstruction or amalgamation of an offshore fund.
• The reconstruction or amalgamation must be one to which section 747F of the Taxes Consolidation Act 1997 applies.
• The exemption also applies to instruments giving effect to an exchange of an interest in one sub-fund for an interest in another sub-fund of the same scheme, as referred to in section 747E(1A)(b) of the Taxes Consolidation Act 1997.
• The relief sits alongside the capital gains tax treatment that allows such reorganisations to take place without triggering a disposal for the investors.