Taxes Consolidation Act 1997 section 267U

Application

Section 267U sets out how a party to a specified financial transaction can elect for Islamic finance tax treatment to apply.

• A party to a specified financial transaction who is within the charge to tax may elect in writing to the inspector of taxes for this Part to apply to that transaction.
• The election must be made on a form approved by the Revenue Commissioners, containing details of the transaction and the parties involved.
• The election may cover a single transaction or a series of transactions of a similar nature.
• Where an election is made, the electing party must notify any other party to the transaction that it is being treated as a specified financial transaction under this Part.