The Irish ICAV corporate investment vehicle and its impact on taxation
International Tax Review is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

The Irish ICAV corporate investment vehicle and its impact on taxation

Lisa Dunne of William Fry discusses the ICAV: A new corporate investment vehicle specifically designed for Irish funds, which has been announced by the Minister for Finance.

The Irish Minister for Finance has recently published a document outlining the main provisions which will form part of the forthcoming draft legislation for the Irish ICAV.

The ICAV will be a new corporate fund vehicle for Ireland. The ICAV will sit alongside the existing corporate structure for collective investment schemes in Ireland, namely the public limited company (plc). It is anticipated that the ICAV structure will be available to both Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Funds (AIFs).

One of the main features of the ICAV will be its ability to elect to be treated as “look through” under the US check-the-box taxation rules. The plc vehicle is not permitted to make such an election.

It is expected that the ICAV will have lower administrative costs than the existing plc vehicle as it has been designed specifically for investment funds. Therefore, much of the Irish company law and accounting rules, which currently apply to existing Irish collective investment schemes structured as plcs, will not apply to the ICAV structure.

The introduction of the ICAV vehicle will be welcomed by fund promoters and will help maintain Ireland’s status as a domicile of choice for investment funds.

Lisa Dunne

William FryTax Advisors| Fitzwilton House | Wilton Place | Dublin 2 | Ireland

D: +353 1 639 5388

E: lisa.dunne@williamfry.ie

T: +353 1 639 5000 | www.williamfry.ie | www.taxand.com

more across site & bottom lb ros

More from across our site

The reported warning follows EY accumulating extra debt to deal with the costs of its failed Project Everest
Law firms that pay close attention to their client relationships are more likely to win repeat work, according to a survey of nearly 29,000 in-house counsel
Paul Griggs, the firm’s inbound US senior partner, will reverse a move by the incumbent leader; in other news, RSM has announced its new CEO
The EMEA research period is open until May 31
Luis Coronado suggests companies should embrace technology to assist with TP data reporting, as the ‘big four’ firm unveils a TP survey of over 1,000 professionals
The proposed matrix will help revenue officers track intra-company transactions from multinationals
The full list of finalists has been revealed and the winners will be presented on June 20 at the Metropolitan Club in New York
The ‘big four’ firm has threatened to legally pursue those behind the letter, which has been circulating on social media
The guidelines have been established in the wake of multiple tax scandals and controversies that have rocked the accounting profession
KPMG Netherlands’ former head of assurance also received a permanent bar and $150,000 fine; in other news, asset management firm BlackRock lost a $13.5bn UK tax appeal
Gift this article