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ARTICLE · 19 OCTOBER 2020

Investment Limited Partnerships (Amendment) Bill 2020

Eversheds Sutherland
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In this update we consider the Investment Limited Partnership (Amendment) Bill 2020 (the "ILP Bill"), which has been most recently discussed in the Seanad at Committee Stage...

IrelandCorporate/Commercial Law
Deborah Hutton
Deborah Hutton

In this update we consider the Investment Limited Partnership (Amendment) Bill 2020 (the “ILP Bill”), which has been most recently discussed in the Seanad at Committee Stage, where it was debated as initiated alongside the proposed amendments, in a stage that closed on 7 October 2020. In addition we will consider the amendments put forward by Seanad Éireann Committee (the “Committee”).

1. Investment Limited Partnerships: Background to the Bill

The Irish Investment Limited Partnership product (the "ILP") was originally established pursuant to the Investment Limited Partnerships Act 1994 (the "1994 Act"), allowing investors to hold a variety of assets through a common law limited partnership agreement structure. As a result of this structure ILPs can offer limited liability to investors and beneficial tax treatment of assets invested depending on the structure of the fund, authorised and regulated by the Central Bank of Ireland (the “CBI”). Per its draft text the

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