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HMRC internal manual

Double Taxation Relief Manual

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HM Revenue & Customs
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Double Taxation Relief Manual: Guidance by country: Ireland: Trading in the UK through a branch or agency

A person resident in Ireland who is trading in the United Kingdom through a branch or agency which is a permanent establishment (see INTM153060) of the enterprise carried on by him will in general be chargeable on gains accruing from the disposal of assets situated in the United Kingdom if those assets were used for the purposes of that trade or branch or agency at or before the time when the gains accrued. The exceptions to this are

a) gains from disposals of shares deriving their value directly or indirectly from immovable property (other than shares quoted on a stock exchange) where the relevant immovable property is situated in Ireland; and

b) gains derived by a resident of Ireland from the disposal of ships and aircraft operated in international traffic and moveable property pertaining to the operation of such ships or aircraft (Article 14(3) and (4).

In (a) above `quoted on a stock exchange’ means listed at a price. This excludes shares listed on the United Kingdom stock exchange official list for which price quotes have been withdrawn and shares dealt in on an overseas exchange which uses an order driven rather than a quote driven system. Refer cases of doubt or difficulty to HMRC, Customs & International, Tax Treaty Team.