(1) On the happening of an event mentioned in paragraphs (a) to (e) of the definition of "IREF taxable event" in respect of a specified person -
(a) subject to section 739QA, the IREF shall deduct IREF withholding tax out of the IREF taxable amount,
(b) the specified person shall allow such deduction referred to in paragraph (a) on the receipt of the residue of the IREF taxable amount, and
(c) the IREF shall be acquitted and discharged of so much money as is represented by the deduction referred to in paragraph (a) as if that amount of money had actually been paid to the specified person.
(2) On the happening of an event mentioned in paragraph (d) of the definition of "IREF taxable event" in respect of a specified person, to satisfy the requirements of paragraphs (a) and (b) of subsection (1), the IREF shall reduce the amount of the additional units to be issued to the specified person by such amount as will secure that the value at that time of the additional units issued to the speci
…