Irish Revenue published their updated Tax and Duty Manual for Section 110 companies on 6 September 2021. The manual contains new guidance on the application of the Finance Act 2019 amendments in relation to the meaning of control in the "specified person" test (in particular, the application of "significant influence"), the 'main purpose' test, clarifications as to when the Irish Transfer Pricing rules apply, and also includes additional commentary on the arm's length condition and application of the "subject to tax" test to disregarded entities. The updated guidance follows consultation with practitioners as to how the expanded test of control is to be applied in practice, although without clear exclusions for retention holdings for regulatory capital purposes, uncertainty is likely to remain in certain cases that may require legislative amendment. Overall, industry will welcome the publication of the guidance as setting out Irish Revenue’s approach as to how the provisions are to be applied in practice. 

https://revenue.ie/en/tax-professionals/ebrief/2021/no-1692021.aspx