Finance Act 2004
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Amendment of section 817C (restriction on deductibility of certain interest) of Principal Act. |
32.—(1) Section 817C (inserted by the Finance Act 2003 ) of the Principal Act is amended— | |
(a) in subsection (2) by substituting “Subject to subsection (2A), this section applies where” for “This section applies where”, and | ||
(b) by inserting the following after subsection (2): | ||
“(2A) (a) This section does not apply where the connected person referred to in subsection (2) is a company which— | ||
(i) is not resident in the State, and | ||
(ii) is not under the control, whether directly or indirectly, of a person who is, or persons who are, resident in the State. | ||
(b) For the purposes of this subsection— | ||
(i) ‘control’ shall be construed in accordance with subsections (2) to (6) of section 432 as if in subsection (6) of that section for ‘5 or fewer participators’ there were substituted ‘persons resident in the State’, and | ||
(ii) a company shall not be treated as under the control whether directly or indirectly, of a person or persons if that person is or those persons are, in turn under the control of another person or other persons.”. | ||
(2) This section is deemed to have applied as respects any chargeable period ending on or after 6 February 2003. |