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Amendment of section 198 (certain interest not to be chargeable) of Principal Act.
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36.—(1) Section 198 of the Principal Act is amended in subsection (1)—
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(a) by the substitution in the definition of “tax” in paragraph (a) for “corporation tax” of “income tax or corporation tax, as is appropriate,”,
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(b) by the substitution in paragraph (b) for “company” of “person” in each place in which it occurs,
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(c) by the deletion of “and” at the end of subparagraph (i) of paragraph (c),
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(d) by the substitution in subparagraph (ii)(II) of paragraph (c) for “relevant territory,” of “relevant territory,” and by the insertion of “and” at the end of that subparagraph,
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(e) by the insertion after subparagraph (ii) of paragraph (c) of the following:
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“(iii) a person shall not be chargeable to income tax in respect of interest paid by a company if—
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(I) the person is not resident in the State, and
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(II) the person is regarded for the purposes of this subsection as being a resident of a relevant territory,
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and the interest is interest to which section 64(2) applies.”.
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(2) This section shall apply as respects interest paid on or after the date of the passing of this Act.
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