The Finance Act 2019 substantially amended Chapter 1B of Part 27 of the Taxes Consolidation Act 1997 (TCA 1997), which applies to Irish real estate funds (IREFs). In relation to IREFs, the story began in 2016. Amid rising awareness of the substantial increase in the value of Irish land and buildings held directly or indirectly by Irish authorised funds and the tax exemptions enjoyed by those funds and their non-resident investors, in summer 2016 political pressure mounted to ensure an Irish tax-take from those investments. Thus, the IREF was born through the addition by Finance Act 2016 of Chapter 1B to Part 27 TCA 1997.
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