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ARTICLE · 03 JUNE 2019

Further Tax Changes For Irish Property Funds

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The Irish Government has advised that the tax treatment of Irish property funds may face further changes later this year.

IrelandFinance and Banking
William Fogarty
William Fogarty
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On 21 May, the Irish Taoiseach (Prime Minister) Leo Varadkar noted that Irish property funds may face further tax changes later this year. The announcement that the tax treatment of Irish funds will again be reviewed is likely to be of interest to managers, investors and the Irish real estate sector as a whole.

Irish property funds can broadly be classified as Real Estate Investment Trusts ("REITs") or regulated Irish property funds (known as "IREFs").

REITs are listed public vehicles which are exempt from Irish tax on property income and gains provided certain strict conditions are satisfied. Distributions from REITs to shareholders are generally subject to a 20% withholding tax. Since it's introduction in 2013, the tax regime for Irish REITs has been remarkably stable. The decision as to how, or if, to change that regime may be linked to wider tax consultations currently ongoing in Ireland, such as the application of transfer pricing to non-trading entities. It

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