Finance Act, 1989

Returns by certain intermediaries in relation to UCITS.

19.—(1) In this section—

“distribution” has the same meaning as it has for the purposes of the Corporation Tax Acts;

“intermediary” means any person who provides relevant facilities in relation to a relevant UCITS;

“relevant Directives” means Council Directive 85/611/EEC* (being a Directive on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)) and any Directive amending that Council Directive;

“relevant facilities” means, in relation to a relevant UCITS—

(a) the marketing in the State of the units of the relevant UCITS,

(b) the acting in the State as an intermediary in the purchase of the units of the relevant UCITS by or on behalf of persons resident in the State or in the sale to such persons of such units, and

(c) the provision in the State on behalf of the relevant UCITS of facilities for the making of payments to holders of its units, the repurchase or redemption of its units or the making available of the information which the relevant UCITS is duly obliged to provide for the purposes of the relevant Directives;

“relevant UCITS” means an undertaking which—

(a) is situated in a member state of the European Community, other than the State,

(b) is a UCITS for the purposes of the relevant Directives, and

(c) markets its units in the State;

“UCITS” means an undertaking for collective investment in transferable securities to which the relevant Directives relate;

“units” includes shares and any other instruments granting an entitlement to—

(a) share in the investments or income of, or

(b) receive a distribution from,

a relevant UCITS.

(2) An intermediary shall, if required to do so by notice from an inspector, prepare and deliver to the inspector within such time, being not less than 30 days, as shall be specified in the notice a return of—

(a) the names and addresses of all persons resident in the State in respect of whom the intermediary has in the course of providing relevant facilities in relation to a relevant UCITS during such period as shall be specified in the notice—

(i) acted as an intermediary in the purchase by or on behalf of any of those persons of units in the relevant UCITS or in the sale to such persons of such units,

(ii) provided facilities for the making of payments by the relevant UCITS to any of those persons who hold units of the relevant UCITS, and

(iii) provided facilities for the repurchase or redemption of units of the relevant UCITS held by any of those persons,

and

(b) where appropriate, in respect of each such person—

(i) the name and address of each relevant UCITS—

(I) the units of which have been so purchased by, or on behalf of, or sold to that person in that period,

(II) on whose behalf facilities have been provided for the making of payments by the relevant UCITS to that person in that person in that period, and

(III) on whose behalf facilities have been provided for the repurchase or redemption by the relevant UCITS in the period of units in the relevant UCITS held by that person,

and

(ii) (I) the value or total value of the units so purchased by, or on behalf of, or sold to that person,

(II) the amount of the payments so made by the relevant UCITS to that person, and

(III) the value or total value of the units held by that person which were so repurchased or redeemed by the relevant UCITS.

(3) Schedule 15 to the Income Tax Act, 1967 , is hereby amended by the insertion in column 2 of “Finance Act, 1989, section 19 ”.

Chapter III

Corporation Tax

*O.J. No. L 357 of 31.12.1985.