Tax Code

Dáil Éireann Debate, Friday - 16 September 2016

Friday, 16 September 2016

Questions (279)

Pearse Doherty

Question:

279. Deputy Pearse Doherty asked the Minister for Finance the number of Irish tax opinions that have been given regarding property investments held through Irish regulated funds structure including AIFs and ICAVs and also for those relating to section 110 companies for each of the years 2010 to 2015, in tabular form, given that typically an Irish tax opinion would be obtained to provide tax certainty for the investor; and if he will make a statement on the matter. [25400/16]

Written answers

Minister for Finance

I am informed by the Revenue Commissioners that section 110 TCA 1997 contains a list of the assets which a qualifying company is allowed to hold/manage.  Property is not one of those assets.  

For the purposes of section 110 TCA 1997, a qualifying asset is a financial asset, commodities or plant and machinery.  Financial asset includes (but is not limited to) shares, bonds and other securities, derivatives, receivables, leases and hire purchase contracts, bills of exchange and similar negotiable instruments, carbon offsets and contracts for insurance.  "Commodities" means tangible assets other than currency or financial assets which are dealt with on a recognised commodity exchange.

Revenue issued two opinions in 2012 in relation to property investments and section 110 companies.

Revenue have no record of any opinions sought during this time regarding property investments held through Irish regulated funds structures.