Taxes Consolidation Act 1997 section 1009A

Taxation of certain foreign body corporates

Section 1009A provides that a foreign body corporate which is substantially similar to an Irish partnership must be taxed on a partnership basis, with each member chargeable individually on their share of income, profits or gains.

• Applies to any body corporate incorporated or formed under the laws of a jurisdiction other than the State.
• Where the entity's characteristics and its members' rights and obligations are substantially similar to those of an Irish partnership, it must be taxed as if it were a partnership.
• Each member is chargeable to income tax, corporation tax or capital gains tax on their respective share of the entity's income, profits or gains.
• The assessment of substantial similarity is made on a case-by-case basis, having regard to the specific features of the entity and its members.