Revenue eBrief No. 44/16

27 April 2016

Tax and Duty Manual Part 17-01-03 (Profit Sharing Schemes)

Tax and Duty Manual Part 17-01-03 (Profit Sharing Schemes) has been updated to note amendments made to IT62, which is a Guide to Profit Sharing Schemes. The Guide has been amended as follows:-

1. In paragraph 7.9, which deals with the exchange of shares, held in an Approved Profit Sharing Scheme, for cash in a take-over situation, to clarify the time-frame for re-investing the payment in shares in the take-over company, and
2. In Appendix 2, paragraph "Contributory Schemes - Carry forward of contributions", to remove the condition which required the contributions to be fixed at the start of each year.