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Amendment of section 198 (certain interest not to be chargeable) of Principal Act.
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25.— (1) Section 198 of the Principal Act is amended in subsection (1)(c)—
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(a) in subparagraph (iii) by inserting “, an interest payment to which section 246A applies” after “to which section 64(2) applies” and by deleting “and” where it last occurs,
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(b) in subparagraph (iv), by substituting “assets of the qualifying company, and” for “assets of the qualifying company.”, and
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(c) by inserting the following after subparagraph (iv):
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“(v) a person shall not be chargeable to income tax in respect of discounts arising on securities issued by a relevant person (within the meaning of section 246) in the ordinary course of a trade or business carried on by that person if the first mentioned person is not a resident of the State and is regarded as being a resident of a relevant territory for the purposes of this subsection.”.
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(2) This section applies as respects interest paid or discounts arising on or after 1 January 2009.
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