Dáil Éireann Debate, Tuesday - 24 October 2017
83. Deputy Joan Burton asked the Minister for Finance the value of assets held in Irish collective asset management vehicles, ICAVs; the average value of such assets; the tax contribution that has been realised or estimated arising to date from ICAVs; and if he will make a statement on the matter. [44786/17]
View answerI am advised by Revenue that the profits of these regulated fund vehicles are taxed on a gross roll-up basis. That is, taxation is not levied at the fund level but at the investor level. Such funds may be subject to:
1. the Irish Real Estate Fund regime, which applies to distributions to non-residents made by funds who invest in Irish property, or
2. the exit-tax regime, which applies to all distributions.
Revenue does not currently have data on the matters raised, therefore it is not possible to respond to the issues raised at this point in time.
