On 12 May 2015, Ireland Revenue published eBrief No. 50/15, which provides clarification on the non-deductibility of interest payments on capital borrowings as an expense of management for investment companies. The non-deductibility is clarified in Revenue's Tax and Duty Manual Part 4.6.11 Expenses of management of investment companies, which was recently updated with the insert of a new instruction (m).
Instruction (m) states: Interest incurred by an investment company on borrowings relat…