Part 27 of the Principal Act is amended by substituting the following for Chapter 5:

"Chapter 5 Relevant UCITS and Relevant AIF

747G. Tax treatment of a relevant UCITS or a relevant AIF

(1) In this section -

'AIF' means an alternative investment fund within the meaning of the relevant AIFM Directives;

'AIFM' means alternative investment fund manager;

'alternative investment fund manager' means a person whose regular business is managing one, or more than one, AIF;

'branch or agency' has the same meaning as in section 4;

'EEA state' has the same meaning as in section 747B;

'management company', in relation to a relevant UCITS, means a management company within the meaning of the relevant UCITS Directives;

'relevant AIF' means an AIF which is formed under the laws of a jurisdiction other than the State and which is not an investment undertaking within the meaning of section 739B;

'relevant AIFM Directives' means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 [OJ No. L174, 1.7.2011, p.1] on Alternative Investment Fund Managers and any Directive amending that Directive;

'relevant profits', in relation to a relevant UCITS or a relevant AIF, means the profits which would be relevant profits (within the meaning of section 739B) if the relevant UCITS or the relevant AIF were an investment undertaking (within the meaning of that section);

'relevant UCITS' means an undertaking for collective investment in transferable securities -