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ARTICLE · 20 NOVEMBER 2015

Private Client Tax Update: Finance Bill 2015

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Ireland's Finance Bill 2015 was published recently and includes a number of proposed changes relevant to Private Clients. It is expected to pass into law in December 2015.

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John Gill
John Gill
Paraic Madigan
Paraic Madigan
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Ireland's Finance Bill 2015 was published recently and includes a number of proposed changes relevant to Private Clients. It is expected to pass into law in December 2015.

Transfers of assets abroad

The first changes are in section 19 of Finance Bill 2015 which relates to section 806 and related sections of the Taxes Consolidation Act 1997 ("TCA 1997"). These provisions attribute income derived from assets transferred abroad, to a transferor, in circumstances where the transferor is regarded as having power to enjoy the income.

As a provision intended to bring Irish law into compliance with European Union ("EU") law, a new section 806(11) is proposed. It applies where a source of income from a transfer abroad has become payable to a person resident in a member state of the EU, or the European Economic Area ("EEA").

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