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Amendment of Part 8A (specified financial transactions) of Principal Act.
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37.— Part 8A of the Principal Act is amended—
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(a) in section 267N by substituting the following for the definition of “finance company”:
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“ ‘finance company’ means a company whose income consists wholly or mainly of either or both of the following—
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(a) income from the leasing of machinery or plant, and
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(b) income from the carrying on of specified financial transactions;”,
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and
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(b) by substituting the following for section 267U:
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“267U.— (1) This Part applies to a specified financial transaction where a person who is—
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(a) a party to the transaction, and
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(b) within the charge to tax,
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makes an election in writing to the inspector (within the meaning of section 950) that this Part applies to that transaction.
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(2) An election under this section—
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(a) shall be made in a form approved by the Revenue Commissioners and containing such particulars relating to the transaction concerned, and the parties to that transaction, as may be specified in that form, and
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(b) may be made either in respect of an individual transaction or in respect of a series of transactions of a similar nature.
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(3) Where an election is made in accordance with this section—
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(a) this Part applies to that transaction or series of transactions, and
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(b) the party making the election shall notify any other person who is a party to a specified financial transaction, that the transaction is a specified financial transaction.”.
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