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Reporting by exempt unit trusts, common contractual funds and investment limited partnerships
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37. (1) Section 731 of the Principal Act is amendedin subsection (5)(a)(iii)—
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(a) in clause (I) , by the deletion of “and”,
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(b) in clause (II)(B), by the substitution of “may require, and” for “may require.”, and
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(c) by the insertion of the following clause after clause (II):
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“(III) specifies in respect of the unit trust—
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(A) the business undertaken by the unit trust, namely those activities involving the assets of the unit trust used to generate gains of the unit trust which, in accordance with subparagraph (i), are not chargeable gains, including, but not limited to, activities which would be regarded as material to the operation of the unit trust, and
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(B) the net asset value of the unit trust.”.
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(2) Section 739I of the Principal Act is amended—
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(a) in subsection (4)—
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(i) in paragraph (a), by the deletion of “and”,
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(ii) in paragraph (b)(iii), by the substitution of “may require, and” for “may require.”, and
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(iii) by the insertion of the following paragraph after paragraph (b):
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“(c) specifies in respect of the common contractual fund—
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(i) the business undertaken by the common contractual fund, namely those activities involving the assets of the common contractual fund used to generate the relevant profits of the common contractual fund which, in accordance with subsection (2)(a), are not chargeable to tax, including, but not limited to, activities which would be regarded as material to the operation of the common contractual fund, and
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(ii) the net asset value of the common contractual fund.”,
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and
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(b) by the insertion of the following subsection after subsection (4):
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“(4A) Where the management company of the common contractual fund—
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(a) makes an incorrect or incomplete statement under subsection (4), or
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(b) fails, without reasonable excuse to make such a statement,
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then the management company shall be liable to a penalty of €3,000.”.
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(3) Section 739J of the Principal Act is amended—
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(a) in subsection (3)—
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(i) in paragraph (a), by the substitution of “partnership,” for “partnership, and”,
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(ii) in paragraph (b)(iii), by the substitution of “may require, and” for “may require.”, and
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(iii) by the insertion of the following paragraph after paragraph (b):
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“(c) specifies in respect of the investment limited partnership—
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(i) the business undertaken by the investment limited partnership, namely those activities involving the assets of the investment limited partnership used to generate the relevant gains, relevant income and relevant payments of the investment limited partnership which, in accordance with subsection (2)(a), are not chargeable to tax, including, but not limited to, activities which would be regarded as material to the operation of the investment limited partnership, and
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(ii) the net asset value of the investment limited partnership.”,
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and
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(b) by the insertion of the following subsection after subsection (3):
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“(3A) Where the partners of the investment limited partnership—
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(a) make an incorrect or incomplete statement under subsection (3), or
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(b) fail, without reasonable excuse to make such a statement,
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then those partners shall be liable to a penalty of €3,000.”.
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