Taxes Consolidation Act 1997 section 739Q

Repayment of IREF withholding tax

Section 739Q sets out the persons to whom, and the circumstances in which, a repayment of IREF withholding tax may be made.

• A relevant person entitled to relief under a double taxation treaty may claim repayment of the excess over the applicable treaty rate of tax.
• Pension schemes, investment undertakings and life assurance companies (including EEA equivalents) that have invested indirectly in IREF units may claim a refund of withholding tax suffered, provided the IREF is not their personal portfolio IREF.
• Where withholding tax has been deducted in error, a claim may be made under the error or mistake provisions in section 865(2), with the IREF's return treated as a return of the unit holder for this purpose.
• No repayment will be made where the IREF taxable profits arose before the indirect investment was made, or where the repayment arises from arrangements whose main purpose is tax avoidance.