Taxes Consolidation Act 1997 section 747B

Interpretation and application

Section 747B defines key terms used in the taxation of gains from offshore funds and sets out which offshore funds fall within the scope of the Chapter.

• The Chapter applies to offshore funds located in an EU Member State (other than Ireland), an EEA state, or an OECD member state that has a tax treaty with Ireland.
• Only funds that are similar in all material respects to certain Irish regulated fund vehicles — investment limited partnerships, UCITS, authorised investment companies, and authorised unit trust schemes — fall within the Chapter.
• A deemed disposal arises every eight years from the date of acquisition of a material interest in the fund, and income or gains must be included in a self-assessment return filed on or before the specified return date.
• On the death of a person holding a material interest in an offshore fund, the interest is treated as disposed of and reacquired immediately before death at market value.