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FINANCE ACT 2016

Type Act
Publication 2016-12-25
State In force
Text As published
Source Irish Statute Book
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articles 59

This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.

Act to provide for the imposition, repeal, remission, alteration and regulation of taxation, of stamp duties and of duties relating to excise and otherwise to make further provision in connection with finance including the regulation of customs.

Reform history JSON API

  • “(2J)

    • (a) Notwithstanding subsection (2), but subject to the other provisions of this section (including paragraphs (b) and (c) of this subsection), the deduction authorised by subsection (2)(e) shall not exceed—

      • (i) 75 per cent of the deduction that would, but for this subsection, be authorised by subsection (2)(e) in respect of interest accrued on or after 7 April 2009 up to and including 31 December 2016,

      • (ii) 80 per cent of the deduction that would, but for this subsection, be authorised by subsection (2)(e) in respect of interest accrued on or after 1 January 2017 up to and including 31 December 2017,

      • (iii) 85 per cent of the deduction that would, but for this subsection, be authorised by subsection (2)(e) in respect of interest accrued on or after 1 January 2018 up to and including 31 December 2018,

      • (iv) 90 per cent of the deduction that would, but for this subsection, be authorised by subsection (2)(e) in respect of interest accrued on or after 1 January 2019 up to and including 31 December 2019, and

      • (v) 95 per cent of the deduction that would, but for this subsection, be authorised by subsection (2)(e) in respect of interest accrued on or after 1 January 2020 up to and including 31 December 2020,

      on borrowed money employed in the purchase, improvement or repair of a premises which, at the time the interest accrues, is a residential premises.

    • (b) For the purposes of paragraph (a) —

      • (i) borrowed money employed on the construction of a residential premises on land in which the person chargeable has an estate or interest shall, together with any borrowed money which that person employed in the acquisition of such land, be deemed to be borrowed money employed in the purchase of a residential premises,

      • (ii) where a premises consists in part of residential premises and in part of premises which are not residential premises, paragraph (a) shall apply to the interest accrued on the part of the borrowed money employed in the purchase, improvement or repair of the premises that is attributable, on a just and reasonable basis, to residential premises, and

      • (iii) the interest on borrowed money referred to in paragraph (a) shall be treated as accruing from day to day.

    • (c) This subsection shall not apply in respect of interest accrued on or after 1 January 2021.”.

  • (2) Subsection (1) shall come into operation on 1 January 2017.

17 Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment)

17. Section 285A of the Principal Act is amended—

  • (a) in subsection (2), by substituting “person” for “company” in both places where it occurs,
  • (b) by substituting the following for subsection (5):

“Subsection (2) shall not apply where the energy-efficient equipment is leased, let or hired to any person.”,

and

  • (c) in subsection (8), by substituting “person” for “company”.

18. Amendment of section 657 of Principal Act (averaging of farm profits)

18.

  • (1) Section 657 of the Principal Act is amended—
  • (a) by inserting the following definitions in subsection (1):

“ ‘deferred tax’ means the amount of income tax determined by the formula—

A - B

where—

A is the amount of income tax which would, apart from subsection (6A), be charged on an individual by virtue of subsection (6) in accordance with subsection (5) in respect of a year of assessment, and

B is the amount of income tax which would, apart from this section, be chargeable in accordance with Chapter 3 of Part 4 in respect of a year of assessment;

‘specified return date for the chargeable period’ has the same meaning as in section 959A;”,

  • (b) by inserting the following after subsection (6) —

  • “(6A)

    • (a) Where for a year of assessment an individual is by virtue of subsection (6) chargeable to income tax in respect of profits or gains from farming in accordance with subsection (5), that individual may, on including a claim in that behalf with the return required under Chapter 3 of Part 41A for the year of assessment, elect to defer payment of the deferred tax for that year of assessment.

    • (b) Where an individual duly elects in accordance with paragraph (a) in respect of a year of assessment, the deferred tax in respect of the year of assessment shall be payable in 4 equal instalments.

    • (c) The first instalment of the 4 instalments referred to in paragraph (b) shall be due and payable on or before the specified return date for the chargeable period of the year of assessment following the year of assessment in which the election, referred to in paragraph (a), is made and the remaining 3 instalments shall be due and payable respectively on or before each of the following 3 anniversaries of the date on which the first instalment was due and payable.

    • (d) An individual shall only be entitled to make an election in accordance with this subsection in a year of assessment provided an election has not been made in any of the 4 years of assessment immediately preceding such year of assessment.”,

and

  • (c) in subsection (8) by—
  • (i) deleting “and” in paragraph (c),
  • (ii) substituting “assessment, and” for “assessment.” in paragraph (d), and
  • (iii) inserting the following after paragraph (d):
  • “(e) notwithstanding section 959AA, there shall be made such assessment or assessments, if any, as may be necessary to secure the payment of any deferred tax which remains due and payable.”.
  • (2) Subsection (1) shall apply for the year of assessment 2016 and subsequent years of assessment.

19 Amendment of section 288 of Principal Act (balancing allowances and balancing charges)

19. (1) Section 288(6A) of the Principal Act is amended in paragraph (a)(i) by substituting “the Minister for Agriculture, Food and the Marine in accordance with Council Regulation (EU) No. 508/2014 of the European Parliament and of the Council of 15 May 20143” for “the Minister for Agriculture, Fisheries and Food in accordance with Council Regulation (EC) No. 1198/2006 of 27 July 2006”.

  • (2) This section shall come into operation on such day as the Minister for Finance, with the consent of the Minister for Agriculture, Food and the Marine, may, by order, appoint.

20 Employment and investment incentive and seed capital scheme

20. (1) The Principal Act is amended—

  • (a) in section 502(7)(d)(i), by substituting “31st day of December” for “5th day of April”,
  • (b) in section 507—
  • (i) in subsection (1), by substituting for “the annual reports required in accordance with Article 11 of Commission Regulation (EU) No. 651/2014 of 17 June 2014” the following:

  • “(a) the annual reports required in accordance with Article 11 of Commission Regulation (EU) No. 651/2014 of 17 June 20144, and

  • (b) publishing the following information in relation to all qualifying companies:

    • (i) the name of the company;

    • (ii) the address of the company;

    • (iii) the Companies Registration Office number of the company;

    • (iv) the amount of finance raised;

    • (v) the date of share issue and type of relief.”,

  • (ii) in subsection (2), by substituting “Notwithstanding section 851A” for “Notwithstanding any obligation as to secrecy imposed on them by the Tax Acts or the Official Secrets Act 1963”, and
  • (iii) in subsection (4), by substituting “section 851A” for “statute or otherwise”,

and

  • (c) in Schedule 25B, by deleting Reference Number 47A and the matter set out opposite that reference number.
  • (2) The amendments to section 507 of the Principal Act effected by subsection (1)(b) of this section shall apply to shares issued on or after 13 October 2015.
  • (3) Subsection (1)(c) applies as respects a subscription for eligible shares made on or after 1 January 2017.

21 Amendment of Part 8 of Principal Act (annual payments, charges and interest)

21. (1) Part 8 of the Principal Act is amended—

  • (a) in section 256(1) by substituting the following for the definition of “appropriate tax”:

“‘appropriate tax’, in relation to a payment of relevant interest, means—

  • (a) as respects the year of assessment 2017, a sum representing income tax on the amount of the payment at the rate of 39 per cent,

  • (b) as respects the year of assessment 2018, a sum representing income tax on the amount of the payment at the rate of 37 per cent,

  • (c) as respects the year of assessment 2019, a sum representing income tax on the amount of the payment at the rate of 35 per cent, and

  • (d) as respects the year of assessment 2020 and each subsequent year of assessment, a sum representing income tax on the amount of the payment at the rate of 33 per cent;”,

and

  • (b) in section 267M by substituting the following for subsection (2):

  • “(2)

    • (a) Notwithstanding section 15 and subject to paragraph (aa), where the taxable income of an individual includes—

      • (i) specified interest, the part of taxable income, equal to that specified interest, shall be chargeable to tax at the rate specified in the definition of ‘appropriate tax’ in section 256(1), or

      • (ii) foreign deposit interest, so much of the part of taxable income, equal to that foreign deposit interest, as would otherwise be chargeable to tax at the standard rate, shall instead be chargeable to tax at the rate specified in the definition of ‘appropriate tax’ in section 256(1).

    • (aa) Notwithstanding paragraph (a), where any liability of the individual for a year of assessment in respect of the specified interest or foreign deposit interest, as the case may be, has not been discharged on or before the specified return date for the chargeable period (within the meaning of section 959A) for that year, then the part of taxable income, equal to that specified interest or that foreign deposit interest, shall be chargeable to tax at the rate of tax described in the Table to section 15 as the higher rate.”.

  • (2) Subsection (1) applies to relevant interest, specified interest or foreign deposit interest, as the case may be, received or paid on or after 1 January 2017.

22 Amendment of section 110 of Principal Act (securitisation)

22. Section 110 of the Principal Act is amended—

  • (a) in subsection (1) in the definition of “qualifying company” by—
  • (i) substituting the following for paragraph (f):

  • “(f) which has notified in writing the authorised officer in a form prescribed by the Revenue Commissioners that it is or intends to be a company to which paragraphs (a) to (e) apply and has supplied such other particulars relating to the company as may be specified on the prescribed form including details concerning the—

    • (i) type of transaction,

    • (ii) assets acquired,

    • (iii) originator,

    • (iv) intra-group transactions, and

    • (v) connected parties,

    not later than 8 weeks from—

    - (I) 1 January 2017 where the day referred to in paragraph (e) predates 1 January 2017 and the company has not yet made the notification in writing to the authorised officer in the form prescribed by the Revenue Commissioners as required to be made by the specified return date (within the meaning of section 959A) for the first accounting period in relation to which it is such a company, or

- (II) the day referred to in paragraph (e),

  and where information required is not available at the time the written notification is provided to the authorised officer, that information should be provided without undue delay upon becoming available,”,

and

  • (ii) substituting “(4A), (5) and (5A)” for “(4A) and (5)”,
  • (b) in subsection (4) by substituting “(4A), (5) and (5A)” for “(4A) and (5)”, and
  • (c) by inserting the following after subsection (5):

  • “(5A)

    • (a) In this subsection—

    ‘arrangement’ includes any agreement, understanding, scheme, transaction or series of transactions;

    ‘CLO transaction’ means a securitisation transaction entered into by a qualifying company which is carried out in conformity with—

    • (a) a prospectus, within the meaning of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 20035,

    • (b) listing particulars, where any securities issued by the qualifying company are listed on an exchange, other than the main exchange, of the State or a relevant Member State, or

    • (c) where the securities issued by the qualifying company will not be listed on an exchange in the State or a relevant Member State, legally binding documents,

    that—

    - (i) may provide for a warehousing period, which for the purposes of this subsection means a period not exceeding 3 years during which time the qualifying company is preparing to issue securities, and

- (ii) provide for investment eligibility criteria that govern the type and quality of assets to be acquired,

  and where, based on the documents referred to in paragraphs (a) to (c) and the activities of the qualifying company, it would not be reasonable to consider that the main purpose, or one of the main purposes, of the qualifying company was to acquire specified mortgages;

  ‘CMBS/RMBS transaction’ means a securitisation transaction entered into by the qualifying company where—

    • (a) the originator (within the meaning of paragraph (a) of the definition of ‘originator’ in Article 4 of the CRR) retains a net economic interest in the credit risk of the securitisation position in accordance with Article 405 of the CRR, or

    • (b) an originator (within the meaning of paragraph (b) of the definition of ‘originator’ in Article 4 of the CRR) retains a net economic interest in the credit risk of the securitisation position in accordance with Article 405 of the CRR and is a financial institution (within the meaning of the CRR) or credit institution (within the meaning of the CRR) regulated by a competent authority in a relevant Member State or the State or is authorised by a third country authority, recognised by the European Commission as having supervisory and regulatory arrangements at least equivalent to those applied in a relevant Member State or the State, to carry out similar activities;

    ‘CRR’ means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 20136;

    ‘EEA state’ means a state, not being a Member State or the State, which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by the Protocol signed at Brussels on 17 March 1993;

    ‘loan origination business’ means the making of an advance, other than a specified security to a borrower that has a specified property business—

    • (a) in respect of which the qualifying company is the original creditor, or

    • (b) that is acquired by the qualifying company on or about the date on which it was advanced,

    provided that such advance is not made as a result of a novation or refinancing of a specified mortgage, other than for bona fide commercial reasons and did not form part of an arrangement the main purpose, or one of the main purposes, of which was to avoid the application of this subsection;

    ‘relevant Member State’ means a Member State, other than the State, or not being such a Member State, an EEA state;

    ‘securitisation’ means a securitisation within the meaning of the CRR;

    ‘specified mortgage’ means—

    • (a) a loan which is secured on, and which derives its value from, or the greater part of its value from, directly or indirectly, land in the State,

    • (b) a specified agreement which derives all of its value, or the greater part of its value, directly or indirectly, from land in the State or a loan to which paragraph (a) applies, other than a loan or a specified agreement which derives its value or the greater part of its value from a CLO transaction, a CMBS/RMBS transaction, a loan origination business or a sub-participation transaction,

    • (c) the portion of a specified security treated as attributable to the specified property business in accordance with paragraph (c)(ii), or

    • (d) units in an IREF (within the meaning of Chapter 1B of Part 27);

    ‘specified property business’, in relation to a qualifying company, means the whole, or part, of the business of the qualifying company that involves the holding, managing or both the holding and managing of specified mortgages, and shall not include—

    • (a) a CLO transaction,

    • (b) a CMBS/RMBS transaction,

    • (c) a loan origination business,

    • (d) a sub-participation transaction, or

    • (e) activities which are preparatory to the transactions or business mentioned in paragraphs (a) to (d),

    where the qualifying company, in respect of paragraphs (a) or (b), apart from activities incidental or preparatory to that transaction or business, carries on no other activities;

    ‘specified security’ means a security where subsection (4) would, or would but for this subsection, apply to any interest or other distribution payable thereon;

    ‘sub-participation transaction’ means a transaction which involves the acquisition of an economic interest in a loan by the qualifying company in the ordinary course of a bona fide syndication of such loan to one or more lenders where the originator of the loan—

    • (a) is a financial institution (within the meaning of CRR) or credit institution (within the meaning of CRR)—

      • (i) regulated by a competent authority in a relevant Member State or the State, or

      • (ii) authorised by a third country authority, recognised by the European Commission as having supervisory and regulatory arrangements at least equivalent to those applied in a relevant Member State or the State, to carry out similar activities,

    • (b) remains a lender of record, and

    • (c) retains a material net economic interest in the credit risk of the loan of not less than 5 per cent.

    • (b) (i) In calculating the portion of the value of a loan or specified agreement attributable directly or indirectly to land in the State for the purposes of paragraph (a), account shall not be taken of any arrangement that—

      • (I) involves a transfer of assets, other than a specified mortgage, from a person connected with the qualifying company, and

      • (II) the main purpose, or one of the main purposes, of which is the avoidance of tax.

      • (ii) In calculating the portion of the value of each loan or specified agreement attributable directly or indirectly to land in the State for the purposes of paragraph (a), regard shall be had to the gross value of the assets from which the specified mortgage derives its value of which the land in the State is part.

    • (c) (i) Notwithstanding the generality of section 70(1), the profits arising to a qualifying company from its specified property business shall be treated for the purposes of the Tax Acts, other than any provision relating to the commencement or cessation of a trade, as a separate business which is distinct from any other business or part of a business carried on by the qualifying company.

      • (ii) For the purposes of treating the specified property business of a qualifying company as a separate business, in accordance with subparagraph (i), any necessary apportionment shall be made so that expenses laid out or expended in earning the profits of that separate business shall be attributed to the separate business on a just and reasonable basis and the amount of the expenses so apportioned shall be an amount which would be attributed to a distinct and separate company, engaged in the same activities, if it were independent of, and dealing at arm’s length with, the qualifying company.

    • (d) Subject to subsections (4A) and (5), subsection (4) shall only apply to the calculation of the profits of a specified property business of a qualifying company in respect of so much of any interest or other distribution payable in respect of a specified security—

      • (i) as is paid by a qualifying company to—

        • (I) a person—

        • (A) being an individual who is resident in the State and within the charge to income tax, or

        • (B) in any other case, who is or will be within the charge to corporation tax,

        in the State in respect of that interest or other distribution,

        - (II) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, a person exempt from income tax under section 790B or a fund authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to the supervisory and regulatory arrangements applied to those funds in the State,

- (III) a person (referred to in this clause as the ‘non-resident person’) who—

        • (A) being an individual is a national of a relevant Member State, or

        • (B) being a company, is formed under the laws of, and is registered in, a relevant Member State,

        where under the laws of any relevant Member State the interest or other distribution is subject, without any reduction computed by reference to the amount of such interest or other distribution, in respect of any interest or other distribution which is to any extent dependent on the interest or other distribution payable on the specified security, or in respect of any imputed, deemed or notional expenses calculated by reference to an amount of debt, equity or hybrid financing, including instruments which are neither debt nor equity financing to a tax which generally applies to income or profits (other than gains), received in that state, by persons, from sources outside that state where it would be reasonable to consider that—

        • (AA) the holding of the specified security by the non-resident person does not form part of any arrangement or scheme the main purpose, or one of the main purposes, of which is the avoidance of a liability to tax, and

        • (AB) where the non-resident person is a company, genuine economic activities, relevant to the holding of the specified security, are carried on by the non-resident person in any relevant Member State,

          • (IV) an IREF (within the meaning of Chapter 1B of Part 27), or

          • (V) an investment undertaking, other than an investment undertaking which would be a personal portfolio IREF (within the meaning of section 739M) if all references in that section to IREFs were references to investment undertakings, and references to IREF assets and IREF business were references to the assets and activities of that investment undertaking,

      • (ii) as on the creation of the specified security, would represent no more than a reasonable commercial return which is not dependent on the results of the qualifying company for the use of that principal, or

      • (iii) from which tax has been properly deducted at the standard rate in force at the time of the payment in accordance with section 246(2) and such tax which has been properly deducted is not refundable.

    • (e) (i) Subject to subparagraph (ii), this subsection shall apply to accounting periods commencing on or after 6 September 2016.

      • (ii) Where the accounting period of a company begins before 6 September 2016 and ends after that date, for the purposes of this subsection, that accounting period shall be divided into 2 parts, one beginning on the date on which the accounting period begins and ending on 5 September 2016 and the other beginning on 6 September 2016 and ending on the date on which the accounting period ends.”.

23 Amendment of Part 27 of Principal Act (unit trusts and offshore funds)

23. Part 27 of the Principal Act is amended—

  • (a) in section 739B(1) by substituting “In this Chapter, in Chapter 1B and in Schedules 2B and 2C” for “In this Chapter and in Schedule 2B”,
  • (b) by inserting after Chapter 1A the following:

“Chapter 1B

Irish real estate funds

Interpretation

739K. (1) In this Chapter—

‘accounting period’ means the period for which an investment undertaking or sub-fund, as the case may be, makes up its accounts and subsections (2) and (3) of section 27 shall have application for the purposes of determining the accounting period of an investment undertaking or sub-fund;

‘accrued IREF profits’ means the IREF profits, including any retained IREF profits, that have arisen and accrued to a unit since that unit was acquired by the person who, on the happening of an IREF taxable event, is the unit holder;

‘arrangement’ includes any agreement, understanding, scheme, course of action, course of conduct, transaction or series of transactions;

‘connected’ has the meaning assigned to it in section 10;

‘EEA state’ means a state, not being a Member State or the State, which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by the Protocol signed at Brussels on 17 March 1993;

‘income statement’ means the profit and loss account, income statement or equivalent prepared in respect of an investment undertaking or sub-fund, as the case may be, in accordance with international accounting standards or alternatively in accordance with the generally accepted accounting practice specified in the investment undertaking’s prospectus;

‘IREF’ means an investment undertaking or, where that investment undertaking is an umbrella scheme, a sub-fund of an investment undertaking—

  • (a) in which 25 per cent or more of the value of the assets at the end of the immediately preceding accounting period is derived directly or indirectly from IREF assets, or

  • (b) where paragraph (a) does not apply, it would be reasonable to consider that the main purpose, or one of the main purposes, of the investment undertaking or the sub-fund, as the case may be, was to acquire IREF assets or to carry on an IREF business,

other than an investment undertaking within the meaning of paragraph (b) of the definition of ‘investment undertaking’ in section 739B, and where this Chapter applies to a sub-fund of an umbrella scheme, for the purposes of the calculation, assessment and collection of any tax due under this Chapter, each sub-fund of such umbrella scheme shall be treated as a separate legal person;

‘IREF assets’ means one or more of the following held by an IREF:

  • (a) relevant assets (within the meaning of section 29(1A));

  • (b) shares in a REIT (within the meaning of Part 25A);

  • (c) shares deriving their value or the greater part of their value directly or indirectly from the assets referred to in paragraph (a) or (b), other than shares quoted on a stock exchange except as provided for in paragraph (b) of this definition;

  • (d) specified mortgages, other than those which—

    • (i) are issued by a qualifying company as part of a CLO transaction, a CMBS/RMBS transaction or a loan origination business (each within the meaning of section 110), or

    • (ii) form part of a loan origination business of the IREF, and any necessary amendments to the definition of ‘loan origination’ shall be made so that it applies to a business carried on by an IREF rather than a qualifying company;

  • (e) units in an IREF;

‘IREF business’ means activities involving IREF assets, the profits or gains of which, apart from section 739C, would be chargeable to income tax, corporation tax or capital gains tax, including, but without limitation to the generality of the preceding words, activities which would be regarded as—

  • (a) dealing in or developing land, or

  • (b) a property rental business;

‘IREF excluded profits’ means—

  • (a) in relation to a unit holder in respect of which an IREF is not a personal portfolio IREF having regard to the IREF assets concerned (other than those referred to in paragraphs (b) to (e) of the definition of ‘IREF assets’)—

    • (i) any profits or gains as shown in the income statement of the IREF in relation to the disposal of those assets where—

      • (I) such asset was held by the IREF, or an investment undertaking of which the IREF is a sub-fund, for a period of at least 5 years from the date on which it was acquired, and

      • (II) the disposal of such asset would be a disposal of a chargeable asset for the purposes of capital gains tax or corporation tax on chargeable gains and would otherwise form part of relevant profits of the IREF which are not chargeable to tax under section 739C,

      and

    • (ii) any unrealised profits or gains as shown in the income statement of the IREF in relation to those assets where the disposal of such asset would be a disposal of a chargeable asset for the purposes of capital gains tax or corporation tax on chargeable gains and would otherwise form part of relevant profits of the IREF which are not chargeable to tax under section 739C,

    and where such asset was acquired through a transaction in respect of which relief was availed of under section 615 or 617, excluded profits shall be calculated with reference to the market value of the asset on its acquisition,

  • (b) in relation to shares, within the meaning of paragraph (c) of the definition of ‘IREF assets’, any distribution made in relation to those shares, and

  • (c) in relation to shares, within the meaning of paragraph (b) of the definition of ‘IREF assets’, any profits or gains other than property income dividends in relation to those shares;

‘IREF profits’ means the profits and gains of an IREF business as shown in the income statement of the IREF, any amount of the profits and gains realised on the disposal of an IREF asset (other than those referred to in paragraphs (b) to (e) of the definition of ‘IREF assets’) not otherwise shown in the income statement and excluding IREF excluded profits;

‘IREF taxable amount’, in relation to an IREF taxable event and a unit holder, means an amount calculated in accordance with section 739L;

‘IREF taxable event’ in respect of a unit holder means—

  • (a) the making of a relevant payment,

  • (b) the cancellation, redemption or repurchase of units from a unit holder, including on a liquidation,

  • (c) any exchange by a unit holder of units in a sub-fund of an investment undertaking for units in another sub-fund of that investment undertaking,

  • (d) the issuing of units as paid-up, otherwise than by the receipt of new consideration,

  • (e) an IREF ceasing to be an IREF including on it ceasing to be an investment undertaking or on it ceasing to have 25 per cent of its value derived from IREF assets,

  • (f) the disposal of a unit by a unit holder, other than in circumstances that would give rise to an IREF taxable event under paragraph (b) or (c), or

  • (g) the sale or transfer of the right to receive any of the accrued IREF profit without the sale or transfer of the unit to which the accrued IREF profit relates or where the accrued IREF profit in respect of the unit becomes receivable otherwise than by the unit holder;

‘IREF withholding tax’, in relation to an IREF taxable event, means a sum representing income tax at a rate of 20 per cent on the IREF taxable amount;

‘purchased IREF profits’ means the IREF profits, including any retained IREF profits, which have arisen and accrued to a unit prior to that unit being acquired by the unit holder;

‘relevant payment’, means a payment including a distribution, whether in cash or non-cash, made to a unit holder by an IREF by reason of the rights conferred to the unit holder as a result of holding a unit or units in the IREF, other than a payment made in respect of the cancellation, redemption or repurchase of a unit;

‘retained IREF profits’ means the portion of the retained profits of the investment undertaking attributable to the IREF profits, and where those profits arose in an accounting period which commenced prior to 1 January 2017 or 20 October 2016, as the case may be, those profits shall be the profits which would be IREF profits if they arose in an accounting period which commenced on or after that date;

‘specified person’ means a unit holder in respect of which a gain is not treated as arising to an investment undertaking on the happening of a chargeable event under subsection (6) (other than paragraphs (cc), (e), and (kb)), (7), (7A) (as it applies to a declaration made under subsection (6) or (7)), (7B) (as it applies to a declaration made under subsection (7) or (9)), (8), (8A), (8D), (8E), (9) or (9A) of section 739D, but shall not, subject to section 739M, include—

  • (a) a fund approved under section 774, 784(4) or 785(5), a PRSA within the meaning of section 787A, or a person exempt from income tax under section 790B,

  • (b) an investment undertaking,

  • (c) a company carrying on life business (within the meaning of section 706),

  • (d) a person who is exempt from—

    • (i) income tax under Schedule D by virtue of section 207(1)(b), or

    • (ii) corporation tax by virtue of section 207(1)(b) as it applies for the purposes of corporation tax under section 76(6),

  • (e) a credit union,

  • (f) a scheme, undertaking or company equivalent to those referred to in paragraphs (a) to (c), authorised by a Member State or an EEA state and subject to supervisory and regulatory arrangements at least equivalent to those applied to those schemes, undertakings or companies, as the case may be, in the State, or

  • (g) a qualifying company, within the meaning of section 110,

where the IREF is in possession of a valid declaration, in accordance with Schedule 2C, immediately before the IREF taxable event;

‘TIN’ has the meaning assigned to it in section 891F and includes a tax reference number as defined in section 891B;

‘umbrella scheme’ has the meaning given to it in section 739B.

  • (2) In calculating the portion of the value of assets of an investment undertaking or sub-fund attributable to IREF assets for the purposes of determining whether or not an investment undertaking or sub-fund is an IREF—

    • (a) account shall not be taken of any arrangement that—

      • (i) involves a transfer of assets, other than IREF assets, from a person connected with—

        • (I) the investment undertaking or sub-fund, as the case may be, or

        • (II) a unit holder in the investment undertaking or sub-fund,

        and

      • (ii) the main purpose or one of the main purposes of which is the avoidance of tax under this Chapter,

      and

    • (b) regard shall be had to the gross value of the assets of which the IREF asset is part.

    Calculating the IREF taxable amount

    739L. The IREF taxable amount in relation to an IREF taxable event shall be calculated as:

    A x B-D

    C

    where—

    A is the portion of the IREF taxable event which is attributable to the retained profits of the IREF,

    B is the retained IREF profits,

    C is the retained profits of the IREF, and

    D is the purchased IREF profits not previously distributed by the IREF.

    Anti-avoidance: multiple funds

    739M. (1) In this Chapter—

    ‘personal portfolio IREF’ means an IREF under the terms of which some or all of the IREF assets or IREF business may be, or was, selected or influenced by—

    • (a) the unit holder,

    • (b) a person acting on behalf of the unit holder,

    • (c) a person connected with the unit holder,

    • (d) a person connected with a person acting on behalf of the unit holder,

    • (e) the unit holder and a person connected with the unit holder, or

    • (f) a person acting on behalf of both the unit holder and a person connected with the unit holder.

  • (2) For the purposes of subsection (1) and without prejudice to the application of that subsection, the terms of an IREF shall be treated as permitting the selection referred to in that subsection where—

    • (a) the terms of that IREF or any other agreement between any person referred to in that subsection and that IREF—

      • (i) allow the exercise of an option by any person referred to in that subsection to make the selection referred to in that subsection,

      • (ii) A gives that IREF discretion to offer any person referred to in that subsection the right to make the selection referred to in that subsection, or

      • (iii) allow any of the persons referred to in that subsection the right to request, subject to the agreement of that IREF, a change in those terms such that the selection referred to in that subsection may be made by any of those persons,

      or

    • (b) the unit holder or any person connected with the unit holder has or had the option of requiring that IREF to appoint an investment advisor (regardless how such a person is described) in relation to the selection of IREF assets or business, or the conduct of the IREF business.

  • (3) A scheme, undertaking or company, as referred to in paragraphs (a) to (c) or (f) of the definition of ‘specified person’ in section 739K, shall be a specified person where—

    • (a) subject to section 739N, the IREF is a personal portfolio IREF in respect of the unit holder, or

    • (b) (i) that scheme, undertaking or company, as the case may be, would, if it was an IREF and if the holding of the units in the IREF was part of its IREF business, be regarded as a personal portfolio IREF in respect of any of its unit holders, and

      • (ii) it would be reasonable to consider that the investment in the IREF by the scheme, undertaking or company was part of a scheme or arrangement the main purpose, or one of the main purposes, of which was the avoidance of tax under this Chapter.

      Anti-avoidance: multiple funds further measures

      739N. (1) Where—

    • (a) an IREF would otherwise be a personal portfolio IREF in accordance with section 739M(3)(a), and

    • (b) the scheme, undertaking or company, as the case may be, in respect of which it is a personal portfolio IREF would not be a personal portfolio IREF under section 739M(3)(b)(i),

    then the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.

  • (2) Where an IREF would only be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) because of a scheme of amalgamation to which section 739D(8C) applied, the IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.

  • (3) Where an IREF would be a personal portfolio IREF of a unit holder in accordance with section 739M(3)(a) solely because a person connected with the unit holder may select or influence the IREF assets or IREF business where that connected person can not—

    • (a) be influenced by that unit holder in the exercise of their duties, or

    • (b) show any preference, or give any consideration, to that unit holder over and above any other unit holder,

    then that IREF shall not be considered to be a personal portfolio IREF in respect of the unit holder concerned.

    Tax arising on IREF taxable event

    739O. (1) In this section a ‘holder of excessive rights’ means a person who is beneficially entitled, directly or indirectly, to at least 10 per cent of the units in an IREF.

  • (2) Notwithstanding any other provision of the Tax Acts—

    • (a) for the purposes of affording relief under an arrangement made with the government of a territory outside the State having the force of law under the procedures set out in section 826(1), the IREF taxable amount in respect of an IREF taxable event and a unit holder—

      • (i) who is a holder of excessive rights, is income from immovable property, and

      • (ii) who is not a holder of excessive rights, shall be treated as a dividend,

    • (b) in respect of a unit holder, the IREF taxable amount shall be chargeable to income tax under Case V of Schedule D and shall be treated as income—

      • (i) arising in the year of assessment in which the IREF taxable event occurs, and

      • (ii) against which no loss, deficit, expense or allowance may be set off,

    • (c) to the extent to which profits or gains of a basis period for a year of assessment consist of profits or gains to which paragraph (b) applies, those profits or gains—

      • (i) shall be chargeable to income tax for that year, subject to section 739Q, at the rate of 20 per cent, and

      • (ii) shall not be reckoned in computing total income for that year for the purposes of the Income Tax Acts,

      and

    • (d) the provisions of section 188, and the reductions specified in Part 2 of the Table to section 458 shall not apply as regards income tax so charged.

    Withholding tax arising on IREF taxable event

    739P. (1) On the happening of an event mentioned in paragraphs (a) to (e) of the definition of ‘IREF taxable event’ in respect of a specified person—

    • (a) the IREF shall deduct IREF withholding tax out of the IREF taxable amount,

    • (b) the specified person shall allow such deduction referred to in paragraph (a) on the receipt of the residue of the IREF taxable amount, and

    • (c) the IREF shall be acquitted and discharged of so much money as is represented by the deduction referred to in paragraph (a) as if that amount of money had actually been paid to the specified person.

  • (2) On the happening of an event mentioned in paragraph (d) of the definition of ‘IREF taxable event’ in respect of a specified person, to satisfy the requirements of paragraphs (a) and (b) of subsection (1), the IREF shall reduce the amount of the additional units to be issued to the specified person by such amount as will secure that the value at that time of the additional units issued to the specified person does not exceed an amount equal to the amount which the person would have received, after deduction of IREF withholding tax, if the person had received the value of the IREF taxable event in cash instead of in the form of additional units in the IREF.

  • (3) Where the IREF taxable event consists of a non-cash amount, the IREF—

    • (a) shall be liable to pay to the Collector-General an amount (which shall be treated for the purposes of this Chapter as if it were a deduction of IREF withholding tax in relation to an IREF taxable event) equal to the IREF withholding tax which, but for this subsection, would have been required to be deducted from the amount of the IREF taxable amount,

    • (b) shall be liable to pay that amount in the same manner in all respects as if it were the IREF withholding tax which, but for this subsection, would have been required to be deducted from the IREF taxable amount, and

    • (c) shall be entitled to recover a sum equal to that amount from the specified person as a simple contract debt in any court of competent jurisdiction.

  • (4)

    • (a) Subject to paragraph (b), the amount of IREF withholding tax deducted in respect of a unit holder in accordance with this section shall be treated as a payment on account of the income tax chargeable on that unit holder on that IREF taxable event for that year of assessment and where that payment on account equals the income tax payable under section 739O, that unit holder shall not, in respect of the IREF taxable event, be regarded as a chargeable person within the meaning of Part 41A.

    • (b) Where IREF withholding tax is paid in accordance with subsection (3), the unit holder shall not be entitled to treat the IREF withholding tax as a payment on account until such time as the debt to the IREF is repaid.

  • (5) Other than as provided for in section 739Q, no repayment of any IREF withholding tax shall be made to any person receiving or entitled to the IREF taxable amount.

Repayment of IREF withholding tax

739Q. (1) In this section, ‘relevant person’ means a specified person, who during an accounting period was subject to withholding tax on an IREF taxable event and would but for section 739P be entitled to a repayment of tax.

  • (2) Notwithstanding section 739P(5) and subject to section 739T, repayment of withholding tax in respect of an IREF taxable event shall be made to a relevant person to the extent provided for in an arrangement made with the government of a territory outside the State having the force of law under the procedures set out in section 826(1) and the rate of tax specified in section 739O(2)(c) shall be the rate applicable pursuant to the relevant arrangement.

  • (3) Notwithstanding section 739P(5), where a scheme, undertaking or company, as referred to in paragraphs (a) to (c) or (f) of the definition of ‘specified person’, can prove—

    • (a) that it has indirectly invested in units of an IREF,

    • (b) that the IREF would not be regarded as a personal portfolio IREF of that scheme, undertaking or company, and

    • (c) that an amount of withholding tax was operated on an IREF taxable event to which it is indirectly entitled which is not otherwise repayable,

    then that scheme, undertaking or company, as the case may be, shall be entitled to a refund of withholding tax as if the units concerned were directly held and to make a claim to the Revenue Commissioners for repayment of that withholding tax in the form prescribed by the Revenue Commissioners and the rate of tax specified in section 739O(2)(c) shall be reduced accordingly.

  • (4) For the purposes of section 865(2) the return made by the IREF under section 739R shall be deemed to be a return made by the unit holder for the purposes of an assessment to tax.

Returns, payment and collection of IREF withholding tax

739R. (1) Notwithstanding any other provision of the Tax Acts, this section shall apply for the purposes of regulating the time and manner in which IREF withholding tax shall be accounted for and paid.

  • (2) An IREF shall for each accounting period make to the Collector-General a return, in accordance with subsections (3) and (4), of the IREF withholding tax in connection with an accounting period—

    • (a) which ends on or before 30 June in a financial year, within 30 days of 31 December of that year, and

    • (b) which ends between 1 July and 31 December, within 30 days of 30 June of the following year.

  • (3) The IREF withholding tax which is required to be included in a return referred to in subsection (2) shall be due at the time by which the return is to be made and shall be paid by the IREF to the Collector-General and subsections (3) to (9) of section 739F shall apply to IREF withholding tax, with any required modifications, as they apply to the appropriate tax.

  • (4) The return referred to in subsection (2) shall contain the following details:

    • (a) the name and tax reference number of the IREF in respect of which the IREF taxable event occurred;

    • (b) the name, address, TIN and unit holding of each unit holder in respect of whom the IREF taxable event happened;

    • (c) the date on which the IREF taxable event occurred;

    • (d) the amount of the IREF taxable event for each unit holder;

    • (e) the amount of IREF withholding tax (if any) in relation to the IREF taxable event deducted by the IREF in respect of each unit holder.

    Statement to be given to recipients on the making of an IREF relevant payment

    739S. (1) Every IREF shall, at the time of the IREF taxable event (within the meaning of paragraphs (a) to (e) of the definition of ‘IREF taxable event’), give the unit holder a statement in writing, or by means of electronic communications, specifying the following details:

    • (a) the name and address of the IREF;

    • (b) the name and address of the unit holder;

    • (c) the date the IREF taxable event occurred;

    • (d) the IREF taxable amount;

    • (e) the amount of the IREF withholding tax deducted in relation to the IREF taxable event.

  • (2) Section 152(2) shall apply to the failure by an IREF to comply with this section, with any necessary modifications.

Deduction from consideration on the disposal of certain units

739T. (1) This section—

- (a) applies on the happening of an event specified in paragraph (f) or (g) of the definition of ‘IREF taxable event’, and

- (b) shall not apply where the amount or value of any consideration payable in relation to the happening of such an IREF taxable event does not exceed the sum of €500,000; but where the taxable event involves a disposal, sale or transfer by the unit holder in parts—

    - (i) to the same person, or

    - (ii) to persons who are acting in concert or who are connected persons,

      whether on the same or different occasions, the several disposals, sales or transfers shall, for the purposes of this paragraph, be treated as a single disposal, sale or transfer.

  • (2) On payment of any consideration in relation to the happening of an IREF taxable event to which this section applies—

    • (a) the person by or through whom any such payment is made shall deduct from that payment a sum representing an amount of income tax equal to 20 per cent of that payment,

    • (b) the person to whom the payment is made shall allow such deduction on receipt of the residue of the payment, and

    • (c) the person making the deduction shall, on proof of payment to the Revenue Commissioners of the amount so deducted, be acquitted and discharged of so much money as is represented by the deduction as if that sum had been actually paid to the person making the disposal.

  • (3)

    • (a) Notwithstanding any other provision of the Tax Acts, this subsection shall apply for the purposes of regulating the time and manner in which the withholding tax deducted under this section shall be accounted for and paid.

    • (b) The person who was required to deduct the withholding tax under this section shall, within 30 days of the date of the IREF taxable event, deliver to the Revenue Commissioners an account of the IREF taxable event and of the amount deducted.

    • (c) The account referred to in paragraph (b) shall contain details of the following:

      • (i) the name and tax reference number of the IREF in respect of which the IREF taxable event occurred;

      • (ii) the name, address, TIN and unit holding of the unit holder in respect of whom the IREF taxable event occurred;

      • (iii) the date on which the IREF taxable event occurred;

      • (iv) the amount of the consideration paid or payable to the unit holder;

      • (v) the amount of withholding tax deducted under this section.

    • (d) Income tax which by virtue of this section is payable by a person shall—

      • (i) be payable by that person in addition to any income tax which by virtue of any other provision of the Tax Acts is payable by that person,

      • (ii) be due within 30 days of the IREF taxable event, and

      • (iii) be payable by that person without the making of an assessment.

    • (e) Where, in relation to any payment of withholding tax referred to in paragraph (b), any person has made default in delivering an account required by this section, or where the Revenue officer is not satisfied with the account, the officer may estimate the amount of the payment to the best of his or her judgment and, notwithstanding section 18, may assess and charge that person to income tax for the year of assessment in which the payment was made on the amount so estimated at the rate of 20 per cent.

  • (4) The amount of withholding tax deducted in respect of a unit holder in accordance with this section shall be treated as a payment on account of the income tax chargeable on that unit holder on that IREF taxable event for that year of assessment.

  • (5) Repayment of withholding tax deducted in respect of a unit holder in accordance with this section in respect of an IREF taxable event shall be made to a relevant person, within the meaning of section 739Q, to the extent provided for in an arrangement made with the government of a territory outside the State having the force of law under the procedures set out in section 826(1) and the rate of tax in section 739O(2)(c) shall be the rate applicable pursuant to the relevant arrangement.

  • (6) A claim for repayment of any withholding tax deducted under this section which is in excess of the income tax chargeable on the IREF taxable event under section 739O shall be made by the unit holder in a return, made in accordance with Part 41A, and no other repayment of any amount of such withholding tax shall be made.

Retention and examination of documentation

739U. (1) An IREF shall keep and retain declarations made to it in accordance with Schedule 2C for a period of 6 years from the time the unit holder of the units in respect of which the declaration was made ceases to be such a unit holder.

  • (2) An IREF shall, on being so required by notice in writing given to the IREF by the Revenue Commissioners, make available to the Revenue Commissioners, within the time specified in the notice—

    • (a) all declarations, certifications or notifications which have been made or, as the case may be, given to the IREF in accordance with Schedule 2C, or

    • (b) such class or classes of such declarations, certificates or notifications as may be specified in the notice.

  • (3) The Revenue Commissioners may examine or take extracts from or copies of any declarations, certificates or notifications made available to the Revenue Commissioners under subsection (2).

Transfer of IREF business to a company

739V. (1) In this section—

‘the Acts’ means the Tax Acts and the Capital Gains Tax Acts;

‘specified company’ means a company that is formed under the laws of, and is registered in, a Member State or an EEA state;

‘transferred business’ means the IREF business, the IREF assets and any assets ancillary to the IREF business referred to in subsection (2)(a)(i) or (ii), as the case may be.

  • (2) This section applies—

    • (a) where an investment undertaking—

      • (i) transfers the whole of its IREF business and its IREF assets, including any assets ancillary to the IREF business, or

      • (ii) which carries out activities which would be regarded as dealing in or developing land and other IREF business, transfers the part of its IREF business and its IREF assets, including any assets ancillary to the IREF business, that relate to dealing in or developing land,

      to a specified company which is within the charge to corporation tax in respect of the transferred business and the charge to capital gains tax in respect of any IREF assets the disposal of which would not be within the charge to corporation tax,

    • (b) (i) where shares in the specified company are issued to the unit holders in the investment undertaking in respect of and in proportion to (or as nearly as may be in proportion to) their unit holdings in the investment undertaking,

      • (ii) all of the shares issued are ordinary shares with equal rights, and

      • (iii) the investment undertaking receives no part of the consideration for the transfer referred to in paragraph (a) (otherwise than by the specified company taking over the whole or part of the liabilities of its business),

    • (c) where upon completion of the transfer referred to in paragraph (a), the investment undertaking has no assets that relate to the transferred business,

    • (d) where the shares concerned are issued on or before 1 July 2017, and

    • (e) where the investment undertaking does not carry on any business similar to the transferred business after the date of such transfer referred to in paragraph (a).

  • (3) Subject to subsection (4), for the purpose of the Acts, in respect of a transfer to which this section applies—

    • (a) the investment undertaking shall be deemed to have disposed of all assets in use for the purposes of the transferred business for the value at which they are carried in the accounts,

    • (b) the specified company—

      • (i) shall be deemed, as if it had been in existence since the commencement of the transferred business by the investment undertaking, in relation to the transferred business up to the date of transfer—

        • (I) to have carried out all activities, incurred all expenses, acquired all assets, borrowed all monies, and monies borrowed at or about the time of the purchase of premises shall be treated as having been employed in the purchase of those premises, and earned all profits and incurred all losses of the investment undertaking, and

        • (II) to have made all such claims for any allowances, deductions and reliefs as it would have been entitled to had it carried on the transferred business since its commencement,

        and shall, after the date of transfer, be subject to tax under the Acts as if it had carried out all transactions carried out by the investment undertaking prior to the transfer, and

      • (ii) for the purpose of the Capital Gains Tax Acts shall be treated as if any assets included in the transfer were acquired by the specified company on the date of transfer for consideration equal to the value of the assets in the accounts of the investment undertaking,

      and

    • (c) the unit holder shall not be treated as having disposed of the units or as having acquired the shares or any part of them, but the units (taken as a single asset) and the shares (taken as a single asset) shall be treated as the same asset acquired as the units were acquired.

  • (4) For the purposes of this Chapter, the transfer shall constitute an IREF taxable event but the investment undertaking, a unit holder and the specified company may jointly elect that the tax due under sections 739O and 739P becomes due and payable on the earlier of—

    • (a) a date not later than 60 days after the disposal of the shares in the specified company,

    • (b) the tenth anniversary of the date of the transfer,

    • (c) the appointment of a liquidator to the specified company, or

    • (d) the specified company ceasing to be resident, under the law of a Member State or an EEA state, in that territory for the purposes of tax,

    and the specified company shall, not later than 21 days after the date of the end of each of the calendar years which follow the year in which the transfer occurs, deliver a statement to the Revenue Commissioners, in the prescribed form, providing such information as may be required for the purposes of this subsection.

  • (5) Any instrument giving effect to a transfer to which this section applies shall not be chargeable to stamp duty under the Stamp Duties Consolidation Act 1999.

Transfer of IREF business to a REIT

739W. (1) In this section—

‘property rental business’ has the meaning assigned to it by Part 25A;

‘qualifying REIT’ means a company which was not a REIT prior to giving the notice referred to in subsection (2)(a);

‘REIT’ has the meaning assigned to it in Part 25A;

‘transferred business’ means the IREF business, the IREF assets and any assets ancillary to the IREF business referred to in subsection (2)(b).

  • (2) This section applies—

    • (a) where notice is given to the Revenue Commissioners under section 705E specifying a date not later than 31 December 2017 in respect of a company which is to carry on the property rental business previously carried on as part of the IREF property business of an IREF,

    • (b) where that IREF transfers the whole of its property rental business to the qualifying REIT referred to in paragraph (a),

    • (c) (i) where ordinary shares in the qualifying REIT are issued to the unit holders in the IREF in respect of and in proportion to (or as nearly as may be in proportion to) their unit holdings in the IREF, and

      • (ii) where the IREF receives no part of the consideration for the transfer referred to in paragraph (b) (otherwise than by the qualifying REIT taking over the whole or part of the liabilities of the property rental business transferred),

    • (d) where the shares concerned are issued on or before 31 December 2017, and

    • (e) where the IREF does not carry on any business similar to the transferred business after the date of transfer referred to in paragraph (b).

  • (3) In respect of a transfer to which this section applies, for the purpose of the Capital Gains Tax Acts the unit holder shall not be treated as having disposed of the units or as having acquired the shares or any part of them, but the units (taken as a single asset) and the shares (taken as a single asset) shall be treated as the same asset acquired as the units were acquired.

  • (4) For the purposes of Part 25A and Chapters 1A and 1B of Part 27—

    • (a) the IREF shall be treated as having disposed of, and

    • (b) the qualifying REIT shall, notwithstanding section 705L(1), be treated as having acquired,

    all assets and liabilities of the transferred business for consideration equal to the value of those assets and liabilities in the accounts of the investment undertaking.

  • (5) For the purposes of this Chapter, the transfer referred to in subsection (2) shall constitute an IREF taxable event but the IREF, the unit holder and the qualifying REIT may jointly elect that the tax due under sections 739O and 739P becomes due and payable on the earlier of—

    • (a) a date not later than 60 days after the disposal of the shares in the qualifying REIT,

    • (b) the tenth anniversary of the date of the transfer,

    • (c) the appointment of a liquidator to the qualifying REIT, or

    • (d) the company ceasing to be a REIT,

    and the qualifying REIT shall, not later than 21 days after the date of the end of each of the calendar years which follow the year in which the transfer occurs, deliver a statement to the Revenue Commissioners, in the prescribed form, providing such information as may be required for the purposes of this subsection.

  • (6) Any instrument giving effect to a transfer to which this section applies shall not be chargeable to stamp duty under the Stamp Duties Consolidation Act 1999.

Application of this Chapter

739X. This Chapter shall apply to—

- (a) accounting periods commencing on or after 1 January 2017, or

- (b) where an investment undertaking’s immediately preceding accounting period ended on or after 31 December 2015 and a decision was made after 20 October 2016 to change the accounting period such that paragraph (a) would not apply, that accounting period commencing on or after 20 October 2016.”,

and

  • (c) by inserting the following after Schedule 2B:

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