The Reform of the Irish Investment Limited Partnership has been saved
The Reform of the Irish Investment Limited Partnership
The Irish investment limited partnership (“ILP”) was first launched as a fund vehicle in July 1994 and was welcomed as an important step in the development in the Irish funds industry which, at the time, directly employed approximately 600 people and had approximately €16 billion assets under management. Currently, Irish domiciled investment funds manage approximately €3.2 trillion of assets and the industry employs over 16,000 people in Ireland.
Over that time however, only a small number of ILPs were launched, due in the main to the ILP legislation not having kept pace with the development of similar Irish and foreign fund products. In December 2020, amending legislation introduced significant changes to the ILP which will make it an attractive option to investment managers seeking a flexible private fund product regulated as an alternative investment fund (“AIF”) by the Central Bank of Ireland (“CBI”).
In this Business Post column, Tom Maguire discusses the taxation of entrepreneurs and EIIS