While the Minister announced on Budget day the reduction in the marginal income tax rate from 41% to 40% the tax rate remains at 41% for funds in respect of chargeable events (broadly income distributions and disposals).

The Bill amends the tax regime for offshore funds to clarify that a non-Irish UCITS or non-Irish AIF will not be chargeable to Irish tax solely by reason of the fund being managed by a management company or AIFM or by an Irish branch or agency of an AIFM authorised in another EEA State.