837. Deputy Rory Hearne asked the Tánaiste and Minister for Finance the amount of the REIT tax relief drawn down in 2023, 2024 and 2025 in tabular form; and if he will make a statement on the matter. [59200/26]

A Real Estate Investment Trust (REIT) is a quoted company, used as a collective investment vehicle to hold rental property.

A REIT is generally exempt from corporation tax on the income and gains from its property rental business, which are instead taxed in the hands of the investor, provided the REIT distributes at least 85% of its property income annually.

The function of the REIT framework is not to provide an overall tax exemption but rather to facilitate collective investment in rental property by removing a double layer of taxation which would otherwise apply on property investment via a corporate vehicle. REITs are publicly listed companies - therefore distributions are dividends within the scope of Dividend Withholding Tax (DWT), which applies at a rate of 25%.

Irish resident investors are liable to tax at their marginal rates on dividends received, with a credit for the DWT deducted. Excluded investors, such as pension schemes or charities investing in the REIT, may receive distributions gross, subject to completion of appropriate declarations. Non-Irish resident investors are subject to DWT at 25%. Those resident in treaty-partner countries may be able to reclaim some of this DWT under the relevant tax treaty.

Due to the low number of REITs operating in Ireland and Revenue’s obligation to maintain taxpayer confidentiality, as provided for in Section 851A of the Taxes Consolidation Act 1997, data in relation to REITs cannot be provided. However, REITs are required to trade as publicly listed companies and therefore are required to publish information such as annual accounts online, which may be of assistance to the Deputy.