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Chapter 5
Corporation Tax
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Amendment of section 110 of Principal Act (securitisation)
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20. (1) Section 110(5A) of the Principal Act is amended—
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(a) in paragraph (a)—
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(i) in the definition of “specified mortgage”—
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(I) in paragraph (b) by inserting “or” after “sub-participation transaction,”,
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(II) in paragraph (c) by substituting “;” for “, or”, and
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(III) by deleting paragraph (d),
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and
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(ii) by substituting the following for the definition of “specified property business”:
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“ ‘specified property business’, in relation to a qualifying company, means the whole, or part, of the business of the qualifying company that involves the holding, managing or both the holding and managing of—
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(a) specified mortgages,
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(b) units in an IREF (within the meaning of Chapter 1B of Part 27), or
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(c) shares that derive their value from, or the greater part of their value from, directly or indirectly, land in the State,
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and shall not include—
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(i) a CLO transaction,
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(ii) a CMBS/RMBS transaction,
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(iii) a loan origination business,
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(iv) a sub-participation transaction, or
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(v) activities which are preparatory to the transactions or business mentioned in subparagraphs (i) to (iv),
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where the qualifying company, in respect of subparagraph (i) or (ii), apart from activities incidental or preparatory to that transaction or business, carries on no other activities;”,
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and
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(b) in paragraph (b)—
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(i) in subparagraph (i)—
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(I) by substituting “shares, a loan or specified agreement” for “a loan or specified agreement”, and
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(II) in clause (I) by substituting “specified mortgage, units in an IREF or shares referred to in paragraph (c) of the definition of ‘specified property business’ in paragraph (a)” for “specified mortgage”,
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and
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(ii) in subparagraph (ii)—
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(I) by substituting “each share holding, loan or specified agreement” for “each loan or specified agreement”, and
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(II) by substituting “specified mortgage, units in an IREF or shares referred to in paragraph (c) of the definition of ‘specified property business’ in paragraph (a), as the case may be,” for “specified mortgage”.
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(2) Subsection (1) applies to interest or other distribution payable on or after 19 October 2017.
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