Bank Levy

The bank levy will be extended to the end of 2023.

Review of REIT, IREF and Section 110 Regimes

The Minister committed to commencing a review of the REIT and IREF regimes, noting that institutional investment has played a key role in the provision of housing in recent years. The review will consider these structures and their future role in continuing to support housing policy objectives. The Minister also confirmed the intention to commence a review of the use of Section 110 regimes (together the Review).

The Minister noted that the Review will include the establishment of a working group to consider the taxation of funds, life assurance policies, and other investment products.

The Review will be supported by the Department of Finance, Revenue, and the Central Bank of Ireland. The Report of the Commission on Taxation and Welfare has previously commented that a more in-depth look at the tax status of IREFs, REITs, and Section 110 companies was expected based on public commentary and feedback to the Commission's consultation.

No further details of the scope of the Review were provided.

For further information on Budget 2023, please contact Brian Duffy or your usual William Fry Tax contact.