Finance Act 2012
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Amendment of section 198 (certain interest not to be chargeable) of Principal Act. |
39.— (1) Section 198 of the Principal Act is amended in subsection (1)(c) by substituting the following for subparagraph (iii)— | |
“(iii) a person shall not be chargeable to income tax in respect of interest paid by a company— | ||
(I) if the 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, or | ||
(II) the person is a company controlled in accordance with section 172D(3)(b)(ii), or a company the principal class of shares of which are shares to which section 172D(3)(b)(iii) applies, | ||
and the interest is interest to which section 64(2) applies, an interest payment to which section 246A applies or interest paid in respect of an asset covered security within the meaning of section 3 of the Asset Covered Securities Act 2001 ,”. | ||
(2) This section shall apply to interest paid on or after the passing of this Act. |