Finance Act, 1996
Amendment of section 31 (securitisation of assets) of Finance Act, 1991. |
55.—(1) Section 31 of the Finance Act, 1991 , is hereby amended— | |
(a) in subsection (1)— | ||
(i) by the substitution for the definition of “qualifying asset” of the following: | ||
“‘original lender’ and ‘originator’ have the meanings they have, respectively, in the definition of ‘qualifying asset’; | ||
‘qualifying asset’ means— | ||
(a) in the case of a qualifying company which is a qualified company (within the meaning of section 39B of the Finance Act, 1980 ), an asset— | ||
(i) denominated in a foreign currency which consists of, or of an interest in or a contractual right to, any loan, lease, trade or consumer receiveable or other debt or receiveable whether secured or unsecured, and | ||
(ii) of a person (hereafter in this section referred to as the ‘originator’), being any government, public or local authority, company or other body corporate which— | ||
(I) is not resident in the State, and | ||
(II) (A) is not carrying on a trade in the State through a branch or agency, or | ||
(B) is carrying on a trade in the State through a branch or agency and the asset was not created, acquired or held by or in connection with the branch or agency, | ||
and | ||
(b) in any other case, a loan made by a company (hereafter in this section referred to as the ‘original lender’) on the security of a mortgage of a freehold or leasehold estate or interest in the ordinary course of a trade carried on by it which consists of or includes the lending of money on such security;”, | ||
(ii) in the definition of “qualifying company”— | ||
(I) by the insertion after “original lenders” of “, or the originator or originators”, and | ||
(II) by the insertion after “any other business” of “, apart from activities which are ancillary to the said business of the management of qualifying assets”, | ||
and | ||
(b) in subsection (2)— | ||
(i) by the insertion in subparagraph (b) (ii) after “the original lender” of “or the originator, as the case may be,”, and | ||
(ii) by the insertion in the proviso to paragraph (b) after “Provided that” of “in the case of a company referred to in paragraph (b) of the definition of ‘qualifying asset’.”. | ||
(2) This section shall apply and have effect as on and from the 28th day of March, 1996. |