In answering Parliamentary Question No. 242 of 20 October 2015, I noted, in relation to the treatment of ARF's for Irish tax purposes, that subsection (2) of section 784A exempts income and chargeable gains arising in respect of assets held in an ARF from income tax and capital gains tax. In replying to the Deputy's question of 20 October, I also noted that the Irish tax treatment of exempting income and chargeable gains applies regardless of whether the ARF provider is an insurance company or a different type of provider.
The Deputy's question concerns the United Kingdom treatment, under the Ireland/UK Double Taxation Convention, of income and gains from UK property of an ARF. As stated in my reply to the previous Parliamentary Question, I am advised by the Revenue Commissioners that this UK treatment is a matter that is under consideration by her Majesty's Revenue and Customs and the Revenue Commissioners. The UK treatment for tax purposes of the income and gains concerned is primarily a matter for the United Kingdom. In these circumstances it would be inappropriate to comment on the possible relevance for such treatment of, as yet unpublished, EU Commission decisions.
