Part 27 of the Principal Act is amended -

(a) in section 739B(1) by substituting "In this Chapter, in Chapter 1B and in Schedules 2B and 2C" for "In this Chapter and in Schedule 2B",

(b) by inserting after Chapter 1A the following:

"CHAPTER 1B Irish real estate funds

739K. Interpretation

(1) In this Chapter -

'accounting period' means the period for which an investment undertaking or sub-fund, as the case may be, makes up its accounts and subsections (2) and (3) of section 27 shall have application for the purposes of determining the accounting period of an investment undertaking or sub-fund;

'accrued IREF profits' means the IREF profits, including any retained IREF profits, that have arisen and accrued to a unit since that unit was acquired by the person who, on the happening of an IREF taxable event, is the unit holder;

'arrangement' includes any agreement, understanding, scheme, course of action, course of conduct, transaction or series of transactions;

'connected' has the meaning assigned to it in section 10;

'EEA state' means a state, not being a Member State or the State, which is a contracting party to the Agreement on the European Economic Area signed at Oporto on 2 May 1992 as adjusted by the Protocol signed at Brussels on 17 March 1993;