Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

In reply to Deputy Donnelly, the last-man-standing rule will apply if it comes to people trying to make those distributions between funds. In trying to avoid withholding tax by simply placing an exempt fund above or below the existing fund, one would be caught by the anti-avoidance measures in that instance. The QIAIF or the ICAV will not be exempt if it is held by another fund in that instance.

In reply to Deputy Burton's question on the Clerys case, I said on Committee Stage I could not speak to that particular issue because legal proceedings were ongoing. If one looks back at amendment No. 47, it deals with the issue of a person controlling an ICAV to avoid CGT. As a result of the amendment, the person will now be subject to the IREF withholding tax.

In reply to Deputy Doherty, it will not interfere with 739M as drafted.

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