I propose to take Questions Nos. 85 to 88, inclusive, together.
Irish collective asset management vehicles (ICAVs) were introduced in 2015 as a measure to develop and enhance Irish competitiveness in the funds industry in Ireland and to promote employment in the State.
Qualifying Investor Funds, once authorised by the Central Bank, fall under the definition of an "investment undertaking", in Chapter 1A, Part 27 of the Taxes Consolidation Act and so are subject to the provisions of that chapter. The legislation provides a tax exemption to the undertaking itself and to certain investors for example investors not resident in the State.
The Revenue Commissioners have informed me that as such funds are not chargeable to tax in respect of relevant profits they would not have the information sought. Exit tax is imposed on Irish resident unit holders but a breakdown of this specific tax head for a qualifying investor fund is not available.
I am further advised by the Revenue Commissioners that they are currently examining recent media coverage concerning the use of investment funds for property investments. Should these investigations uncover tax avoidance schemes or abuse, which erodes the tax base and causes reputational issues for the State, then appropriate action will be taken and any necessary legislative changes that may be required will be put forward for my consideration.