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

I move amendment No. 57:

In page 49, to delete lines 8 to 24 and substitute the following:“Anti-avoidance: multiple funds further measures

739N.

(1) Where—

(a) an IREF would otherwise be a personal portfolio IREF in accordance with section 739M(3)(a), and

(b) the scheme, undertaking or company, as the case may be, in respect of which it is a personal portfolio IREF would not be a personal portfolio IREF under section 739M(3)(b)(i),

then the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.

(2) Where an IREF would only be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) because of a scheme of amalgamation to which section 739D(8C) applied, the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.

(3) Where an IREF would be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) solely because a person connected with the unit holder may select or influence the IREF assets or IREF business where that connected person can not —

(a) be influenced by that unit holder in the exercise of their duties, or

(b) show any preference, or give any consideration, to that unit holder over and above any other unit holder,

then that IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.”.

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