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ARTICLE · 19 MAY 2008

Finance Bill 2008

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The Finance Bill 2008 (as initiated) was released yesterday 31st January 2008 and there have been some welcome amendments included to assist the funds industry in administering the 8 year deemed disposal rules.

IrelandTax
Dillon Eustace
Dillon Eustace
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1. Investment Undertakings (Funds) - Key Amendments

The Finance Bill 2008 (as initiated) was released yesterday 31st January 2008 and there have been some welcome amendments included to assist the funds industry in administering the 8 year deemed disposal rules.

2. 8 Year Deemed Disposals

Section 36 of the Finance Bill amends the operation of the eight-year deemed disposal provisions for Irish resident or ordinarily Irish resident investors ("Irish Resident") as introduced by Section 50 of the Finance Act 2006. While the legislation is quite complex, in summary the new amendments provide that the administrative burden of applying the onerous 8 year deemed disposal provisions should for the most part lie with the Irish Resident investors where they account for a small proportion of the fund's (or the sub-fund's in the case of an umbrella scheme) overall investments.

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