Taxes Consolidation Act 1997 section 579F

Migrant settlements

Section 579F deals with migrant settlements, setting out special rules for attributing trust gains to beneficiaries where a trust moves between Irish residence and non-residence.

• Capital payments received by a beneficiary during a resident period are disregarded for the purposes of the trust gains attribution rules, provided the payment was not made in anticipation of a disposal by the trustees in a subsequent non-resident period.
• Where a non-resident period is followed by a resident period, any unattributed trust gains from the last year of the non-resident period are attributed to beneficiaries who receive capital payments in the first year of the resident period, and so on for successive years until the gains are fully attributed.
• The attribution of trust gains to each beneficiary is made in proportion to, but cannot exceed, the capital payments received by that beneficiary.
• A beneficiary is not chargeable on trust gains attributed to him or her for a tax year unless he or she is domiciled in the State at some time in that year.