Exemption of Specified Collective Investment Undertakings
Legislation - Section 75, Capital Acquisitions Tax Consolidation Act 2003.
Units in any collective investment undertaking located in the International Financial Services Centre or in the Shannon Customs-Free Airport Zone are exempt from Capital Acquisitions Tax.
The exemption also applies to units in Investment Undertakings which qualify for the new collective funds regime introduced by Section 58, Finance Act 2000. In order to qualify for the exemption, the disponer and beneficiary must both be domiciled and resident abroad.
However, if the units concerned were purchased prior to 15 February, 2001, it is sufficient that the proper law at the date of the disposition is foreign even if the disponer is domiciled and resident in Ireland.