Revenue eBrief No.081/23
24 March 2023
Offshore Funds: Taxation of Income and Gains from EU, EEA and OECD member states & from certain offshore states
The Tax and Duty Manuals (TDMs) concerning the taxation of Offshore Funds have been updated as follows:
TDM Part 27-04-01 has been updated in Paragraph 2.1.1, to provide for a non-exhaustive list of general legal and regulatory criteria that should be considered to assist in establishing whether the threshold of ‘similar in all material respects’ is met, when determining the equivalent nature of an offshore fund to its Irish counterpart.
TDM Part 27-02-01 has been updated for the following amendments introduced by recent Finance Acts:
Finance Act 2022 - clarifies the tax treatment of an authorised unit trust, where particular conditions are satisfied.
Finance Act 2020 - clarifies the interaction of the offshore fund legislation with respect to the migration of Irish securities from the CREST system to Euroclear Bank in March 2021 following BREXIT.