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Amendment of section 838 (special portfolio investment accounts) of Principal Act.
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65.—(1) Section 838 of the Principal Act is hereby amended—
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(a) in subsection (1)(a)—
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(i) in the definition of “relevant investment” by the insertion—
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(I) after “means an investment in” of “fully paid-up”, and
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(II) after “acquired by a designated broker” of “at market value”, and
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(ii) by the insertion after the definition of “relevant investment” of the following definition:
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“‘relevant period’ means—
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(a) the period commencing on the date on which the first specified deposit was made by an individual in respect of a relevant investment and ending on the fifth anniversary of that date, and
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(b) each subsequent period of five years;”,
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(b) in subsection (2)(c), by the substitution for “at any time on or after the fifth anniversary of the date on which the first specified deposit was made by an individual in respect of that relevant investment” of “on the date on which each relevant period ends”,
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(c) in subsection (3), by the substitution for “; but that Chapter shall so apply as if, in relation to relevant interest payable in respect of a relevant deposit or relevant deposits held in a special savings account, the rate of appropriate tax were 10 per cent”, of “, and in particular the rate of appropriate tax specified in section 256(1) in relation to relevant interest payable in respect of a relevant deposit or relevant deposits held in a special savings account shall apply to special portfolio investment accounts”, and
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(d) in subsection (4)(c), by the substitution for “1028(4)” of “1028(5)”.
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(2) This section shall—
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(a) be deemed to have applied, as respects paragraph (a)(ii) and paragraph (b) of subsection (1), as on and from the 1st day of February, 1993,
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(b) be deemed to have applied, as respects paragraphs (a)(i), and (d) of subsection (1), as on and from the 1st day of December, 1998, and
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(c) apply, as respects paragraph (c) of subsection (1), as on and from the 6th day of April, 1999.
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