Taxes Consolidation Act 1997 Schedule 2C, paragraph 5

Declaration of company carrying on life business

Paragraph 5 of Schedule 2C sets out the declaration that a life assurance company must provide to an Irish Real Estate Fund (IREF) in order to qualify for exemption from IREF withholding tax.

• A life assurance company that holds units in an IREF can claim exemption from withholding tax by making a written declaration to the IREF in the prescribed form.
• The declaration must confirm that the unit holder is a company carrying on life business, and must include the company's name, address and tax identification number.
• The declarer must certify whether or not the unit holder is a "specified person" after applying the look-through rules in section 739M, and must attach supporting documentation where equivalence is claimed.
• The declarer must undertake to notify the IREF if the company ceases to qualify as a specified person, and must provide any other information reasonably required by Revenue.