Finance Act 2000 introduced the "gross roll-up tax regime" in respect of both investments made in Investment Undertakings and in Life Assurance policies. Essentially, the investments are allowed to grow tax-free until such time as a chargeable event occurs. Exit tax is charged on any gain accruing between the date of acquisition and the date of the chargeable event. Some entities and individuals are exempted from the exit tax by completing the declaration form appropriate to their particular circumstances. The Revenue-approved format for such Declaration Forms may be found only in the Appendix to the Guidelines referred to below.
General Guidelines for calculating tax due and for completing declaration forms for both the Investment Undertakings regime and the Life Assurance regime - October 2012 - are available via the links below.
Forms specific to Investment Undertakings are also available via the links below.
- Form IU(3e) (PDF, 200KB) - Agreed format of the "De Minimis" Election by an Investment Undertaking Report - Section 739E(2A)(a)(ii), TCA 1997 refers
- Form CCF1 (PDF, 626KB) - Agreed format of Report by a Common Contractual Fund – Section 739I refers
- Form EUT1 (PDF, 222KB) - Statement by (Exempt) Unit Trust for Year of Assessment
- List of Distributing Offshore funds approved by the Revenue Commissioners in accordance with section 744 TCA 1997. ( PDF, 157KB)
Specified Financial Transactions
Finance Act 2010 introduced a regime to tax certain Islamic financial transactions in the same way as conventional financial transactions.
Guidance notes on the tax treatment of Islamic Financial Transactions are available via the blink below.
Forms specific to Islamic Financial Transactions are available via the links below.
- Form SFT1: Financial Undertakings Specified Financial Transactions (PDF, 214KB)
- Form SFT2: Qualifying Company Specified Financial Transactions (PDF, 197KB)