2007 Form 11 and CT 1 and Offshore Funds

The purpose of this e-Brief is to provide clarification for practitioners in relation to the offshore funds sections of the Form 11 and the Form CT 1.

Form 11

It has been drawn to our attention that the heading on the line relating to ‘Other Offshore Products’ - line 317 in the 2007 Form 11—may be open to misinterpretation in relation to the offshore funds in respect of which information is to be returned.

Line 317 is intended to cover offshore products other than offshore funds to which line 316 relates. Line 316 relates to what are referred to as ‘regulated offshore funds’ in the EU or EEA, or in an OECD state with which Ireland has a double taxation treaty (an OECD treaty state). Chapter 4 of Part 27 of TCA 1997 and specifically section 747B(2A) applies to these funds.

Line 317 caters for ‘Other Offshore Products’. The requirements here are governed by section 896(5) TCA 1997. The information required relates to offshore products which are —

• foreign life products in a state outside the EU or EEA, or outside an OECD treaty state, i.e. ‘offshore products to which section 730I does not relate’
• unregulated offshore funds in the EU or EEA, or in an OECD treaty state and all offshore funds outside the EU or EEA, or outside an OECD treaty state i.e. ‘offshore products to which section 747C does not relate’.

Specifically, therefore, it should be noted that line 317 of the 2007 Form 11 requires a return of information in relation to two types of offshore funds acquired in 2007. It requires not only details of all such funds which are outside the EU or EEA, or outside an OECD treaty state but also details of unregulated funds [those not coming within section 747B(2A)] acquired within the EU or EEA, or within an OECD treaty state.

Form CT 1

Panel 6 of the 2007 Form CT 1 mirrors line 316 of the 2007 Form 11. Therefore, the comments above in relation to line 317 of the 2007 Form 11 apply equally to Panel 29 of the CT 1 Form.