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

I move amendment No. 65:

In page 56, to delete lines 17 to 21 and substitute the following:“(a) the investment undertaking shall be deemed to have disposed of all assets in use for the purposes of the transferred business for the value at which they are carried in the accounts,”.

Amendments Nos. 65 and 66 are technical amendments to correct a drafting error in the original Bill. The current provisions which set out the taxation implications of transferring the IREF business into a normal company would, in some circumstances, a tribute a triple charge to tax on the same event at the layer of the company and the investor. These amendments ensure that the profits earned and booked in the accounts of the IREF are subject to IREF withholding tax. Any profits arising after the transfer to the company are taxed in the same manner as any other profits in a company. I commend the amendments to the House.

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