Martin Mansergh (Tipperary South, Fianna Fail)

I move amendment No. 2:

In page 9, to delete lines 42 to 49 and in page 10, to delete lines 1 and 2 and substitute the following:

"(d) in section 739D by substituting for subsection (6)(l)—

"(l) is—

(i) the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009)), or

(ii) the State acting through the National Pensions Reserve Fund Commission or a Commission investment vehicle (within the meaning given by section 2 of the National Pensions Reserve Fund Act 2000 (as amended by section 2 of the Investment of the National Pensions Reserve Fund and Miscellaneous Provisions Act 2009)),

and has made a declaration to that effect to the investment undertaking, or";".

This is a technical amendment to section 9 of the Bill. Section 9 extends the tax exemption that applies to the National Pensions Reserve Fund Commission to any special purpose investment vehicle established by the commission. It is logical that if the commission has tax exemption when investing in its own right, it should have that same exemption when investing through an investment vehicle.

This section deals with the commission's exemption from exit tax on gains arising as a unit holder in an investment undertaking. As published, the subsection refers to the commission and a commission investment vehicle. The amendment will add a reference to the State acting through the commission and the commission investment vehicle to align the wording of subsection (d) with the preceding subsection (c), which deals with the commission's exemption from DIRT.

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