Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The section amends the definition of "collective investment undertaking" in section 734 to include an authorised Irish collective asset-management vehicle, or ICAV. The Irish Collective Asset-management Vehicle Act 2015 amended the definition of "investment undertaking" in section 739B of the Taxes Consolidation Act to include an authorised ICAV. However, for the purposes of the Ireland-USA double taxation treaty, the definition of "collective investment undertaking" is still relevant. In order to avoid any uncertainty as to the application of the Ireland-USA double taxation treaty to ICAVs, the definition of "collective investment undertaking" in section 734 is also being updated to encompass ICAVs.