Finance Act, 1998
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Interest payments by certain deposit takers. |
131.—(1) The Taxes Consolidation Act, 1997 , is hereby amended— | |
(a) in section 256(1), by the substitution of the following paragraph for paragraph (a) of the definition of “appropriate tax”: | ||
“(a) in the case of a relevant deposit or relevant deposits held in a special savings account, at the rate of 20 per cent, and”, | ||
and | ||
(b) in section 891, by the insertion of the following subsection after subsection (1): | ||
“(1A) (a) In this subsection, ‘credit union’ means a society registered under the Credit Union Act, 1997 , including a society deemed to be so registered under section 5(3) of that Act. | ||
(b) This section shall not apply in relation to any interest paid or credited by a credit union in respect of money received or retained by it.”. | ||
(2) (a) Paragraph (a) of subsection (1) shall apply as on and from the 6th day of April, 1998. | ||
(b) Paragraph (b) of subsection (1) shall apply as respects chargeable periods (within the meaning of section 321 (2) of the Taxes Consolidation Act, 1997 ) beginning on or after the 1st day of October, 1997. |