Taxes Consolidation Act 1997 section 739QB

Advance clearance procedures for direct investors in respect of withholding tax

Section 739QB provides an advance clearance procedure allowing direct investors in an Irish Real Estate Fund (IREF) to receive payments without withholding tax where they would be entitled to a full refund of that tax.

• A person entitled to a full refund of IREF withholding tax may apply to Revenue in advance for a certificate directing that tax should not be deducted from an IREF taxable event.
• Even where a certificate is granted and no tax is withheld, details of the IREF taxable event must still be included in the account or return delivered to Revenue.
• The application must be made in a form prescribed by Revenue and must include details of the investment, an explanation of why the IREF is not a personal portfolio IREF, and the amount of withholding tax that would otherwise arise.
• The applicant must confirm that the unit holder is not a specified person and that the unit holder would be entitled to a refund of the withholding tax.