The Irish government has published draft legislation to implement the tax and legal changes to common contractual funds (CCF) that are contained in the Finance Act 2005. The Investment Funds, Companies and Miscellaneous Provisions Bill introduces a non-UCITS (Undertaking for Collective Investment in Transferable Securities) structure to the CCF, which became part of Irish law in 2003. Common contractual funds allow institutional investors to pool cross-border pension fund assets. They have a number of tax advantages, such as no value-added tax or tax on subscription and no withholding tax.
Pension pooling describes a situation where pension funds operate in different countries but bring their assets together in a specially designedspecially-designed funds structure. Ireland is now seen as a credible competitor for other European jurisdictions, such as Luxembourg, for this business.
To read the bill, please click here
To read the Department of Enterprise, Trade and Employment press release, please click here
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