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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2017 - onwards
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739W. Transfer of IREF business to a REIT.

(1) In this section -

"property rental business" has the meaning assigned to it by Part 25A;

"qualifying REIT" means a company which was not a REIT prior to giving the notice referred to in subsection (2)(a);

"REIT" has the meaning assigned to it in Part 25A;

"transferred business" means the IREF business, the IREF assets and any assets ancillary to the IREF business referred to in subsection (2)(b).

(2) This section applies -

(a) where notice is given to the Revenue Commissioners under section 705E specifying a date not later than 31 December 2017 in respect of a company which is to carry on the property rental business previously carried on as part of the IREF property business of an IREF,

(b) where that IREF transfers the whole of its property rental business to the qualifying REIT referred to in paragraph (a),

(c)

(i) where ordinary shares in the qualifying REIT are issued to the unit holders in the IREF in respect of and in proportion to (or as nearly as may be in proportion to) t

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