Finance Act, 2001

Amendment of section 198 (certain interest not to be chargeable) of Principal Act.

36.—(1) Section 198 of the Principal Act is amended in subsection (1)—

(a) by the substitution in the definition of “tax” in paragraph (a) for “corporation tax” of “income tax or corporation tax, as is appropriate,”,

(b) by the substitution in paragraph (b) for “company” of “person” in each place in which it occurs,

(c) by the deletion of “and” at the end of subparagraph (i) of paragraph (c),

(d) by the substitution in subparagraph (ii)(II) of paragraph (c) for “relevant territory,” of “relevant territory,” and by the insertion of “and” at the end of that subparagraph,

(e) by the insertion after subparagraph (ii) of paragraph (c) of the following:

“(iii) a person shall not be chargeable to income tax in respect of interest paid by a company if—

(I) the person is not resident in the State, and

(II) the person is regarded for the purposes of this subsection as being a resident of a relevant territory,

and the interest is interest to which section 64(2) applies.”.

(2) This section shall apply as respects interest paid on or after the date of the passing of this Act.