On 11 September 2015, Irish Revenue published eBrief No. 88/15, announcing an updated Tax and Duty Manual on the tax treatment of undertakings for collective investment.
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Net Funds - Undertakings for Collective Investment
Section 738 TCA 1997 sets out the tax regime for domestic undertakings for collective investment. Under this regime the undertaking is liable to tax at the standard rate on both its income and gains. The unitholder is not liable to tax on distributions out of the fund…