Taxes Consolidation Act 1997 section 739QA

Advance clearance procedures for indirect investors in respect of withholding tax

Section 739QA sets out advance clearance procedures allowing indirect investors in an IREF to apply for a certificate so that withholding tax is not deducted where they would be entitled to a full refund of that tax.

• An indirect investor entitled to a full withholding tax refund under section 739Q(3) may apply to Revenue in advance of an IREF taxable event for a certificate that withholding tax should not be deducted, or that the tax deducted should be paid directly to the indirect investor.
• Even where a certificate is granted and no tax is withheld, full details of the IREF taxable event must still be included in the account or return delivered to Revenue under the normal reporting requirements.
• The application must be made in whatever form Revenue prescribe and must include specified particulars, such as details of the indirect investment, reasons why the IREF is not a personal portfolio IREF of the investor, and confirmation of entitlement to a refund.
• The applicant must also confirm that the withholding tax is not otherwise repayable and that the indirect investor would not be a specified person if it held the IREF units directly.