Taxes Consolidation Act 1997 section 590

Attribution to participators of chargeable gains accruing to non-resident company

Section 590 attributes chargeable gains accruing to a non-resident company to its Irish resident participators.

• Chargeable gains of a non-resident close company are apportioned to its Irish-resident participators in proportion to their interests, subject to a one-twentieth de minimis threshold
• The attribution rules do not apply to gains on tangible assets used solely for a foreign trade, gains where genuine economic activities are carried on in an EEA state, gains on foreign currency used for a foreign trade, or gains already chargeable in the State
• CGT paid by a participator on attributed gains may be credited against tax on a distribution made within two years, or deducted as allowable expenditure on a later disposal of the participator's interest in the company
• Non-resident group companies are subject to the same intra-group transfer, degrouping and related rules as resident group companies