Taxes Consolidation Act 1997 section 1035A

Relieving provision to section 1035

Section 1035A exempts a non-resident person from Irish income tax on profits arising from a financial trade carried on in the State through an independent, regulated investment or asset manager.

• A non-resident carrying on a financial trade solely through an independent authorised agent is not assessable to Irish income tax on the profits of that trade.
• An authorised agent must be a regulated investment business firm, stock exchange member firm, EU credit institution, UCITS management company or alternative investment fund manager.
• Independence requires an arm's length relationship, no other agency role for the non-resident, and that the agent's (and connected persons') profit entitlement does not exceed 20 per cent of the trade's profits.
• The exemption extends to corporation tax by virtue of section 1040.