Tax

Irish Real Estate Fund (“IREF”) Returns

Brian Murphy
By:
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Contents

The deadline for filing IREF returns for years ending July – December 2020 is on or before 30 July 2021. In June 2021, Revenue released an updated Form IREF which requires taxpayers to disclose additional information this year in comparison to prior years. The updates contained within the new Form IREF include the following additional disclosures:

  • Irish associated enterprises of the IREF;
  • The monetary value of units at closing;
  • Any agricultural land held as an IREF asset;
  • Capitalised interest included within the value of IREF assets;
  • Details of unit holdings in other IREFs; and
  • Narrative is to be completed where no IREF Withholding Tax has been deducted on a taxable event.

The updated Form IREF also removes a section in relation to the transfers of an IREF business to a company or to a REIT, as transfers of an IREF business as provided by section 739V and section 739W TCA 1997 respectively are now outside of the statutory timeline provided within these sections.