ARTICLE · 28 FEBRUARY 2013

Matheson REITs Update: Finance Bill 2013

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The introduction of Real Estate Investment Trusts in Ireland, first announced in Budget 2013, is expected to attract increased foreign investment into the Irish property market.

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Patrick Sweetman

Ronan McLoughlin

Turlough Galvin

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The introduction of Real Estate Investment Trusts ("REITs") in Ireland, first announced in Budget 2013, is expected to attract increased foreign investment into the Irish property market. Details of the tax regime that will apply to Irish REITs were announced last week in the Finance Bill 2013.

Provided that certain criteria are met, a REIT will be exempt from tax in respect of the income and chargeable gains of its property rental business. To qualify a REIT must:

Be resident in Ireland and only in Ireland;
Be incorporated under the Irish Companies Acts;
Have its shares listed on the main market of a recognised stock exchange in an EU Member State;
Not be a close company (unless the REIT is controlled by certain investment undertakings or persons who meet the criteria to be "qualifying investors");

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