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Treatment of certain interest payments.
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37.—(1) Part 8 of the Principal Act is amended—
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(a) in section 243—
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(i) by the insertion after subsection (1) of the following:
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“(1A) For the purposes of this section, ‘bank’ includes building society within the meaning of section 256(1).”,
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and
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(ii) in subsection (5)(a)—
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(I) in subparagraph (I) by the deletion of “or”, and
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(II) by the substitution for subparagraph (II) of the following:
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“(II) the interest is interest referred to in paragraph (a), (b) or (h) of section 246(3), or
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(III) the interest is interest to which section 64(2) applies,”,
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and
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(b) in section 246(1)—
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(i) by the substitution for the definitions of “a collective investment undertaking” and “collective investor” of the following:
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“‘bank’ includes building society within the meaning of section 256(1);”
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and
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(ii) by the substitution for the definition of “relevant person” of the following:
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“‘investment undertaking’ means—
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(a) a unit trust mentioned in section 731(5)(a),
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(b) a special investment scheme within the meaning given to it in section 737, or
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(c) an investment undertaking within the meaning given to it in section 739B;
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‘relevant person’ means—
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(a) a company, or
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(b) an investment undertaking;”.
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(2) This section shall apply to interest paid on or after the date of passing of this Act.
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