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The Section 110 SPV is therefore set up and a notice sent to the Irish Revenue declaring the intention of the Directors to file under Section 110 of the 1997 TCA. Before 2010, there was no obligation the Irish Revenue to acknowledge this notice was received, [ 61 ] however, this has recently been formalised to an 8–week notice period. [ 62 ]
Tax secrecy. Unlike the Section 110 SPV, the L–QIAIFs are not required to file public accounts (this was how the Section 110 tax abuses were uncovered), but file confidential accounts with the Central Bank of Ireland, that are protected under the 1942 Central Bank Secrecy Act; [13] No need for Profit Participating Notes ("PPN"). Another ...
A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.
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In February 2018, the Central Bank of Ireland, which regulates Section 110 SPVs, upgraded the little used tax-free L-QIAIF regime, which has stronger privacy from public scrutiny. [133] [178] In June 2018, U.S. distressed debt funds transferred €55 billion of Irish assets (or 25% of Irish GNI*), out of Section 110 SPVs and into L–QIAIFs ...
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The most common type of notice is made under section 114(3) which restricts all spending except for that which funds statutory services. [5] [6] Despite the fact that local authorities in the United Kingdom cannot go bankrupt, [7] issuing a section 114 notice is often described in the media as a council effectively declaring bankruptcy. Most ...