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Amendment of Chapter 1 (transfer of assets abroad) of Part 33 of Principal Act.
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12.—(1) Chapter 1 of Part 33 of the Principal Act is hereby amended—
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(a) in section 806—
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(i) in subsection (3), by the substitution of “individuals resident or ordinarily resident in the State” for “individuals ordinarily resident in the State”, and
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(ii) by the insertion of the following after subsection (5):
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“(5A) Nothing in subsection (3) shall be taken to imply that the provisions of subsections (4) and (5) apply only if—
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(a) the individual in question was resident or ordinarily resident in the State at the time when the transfer was made, or
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(b) the avoidance of liability to income tax is the purpose, or one of the purposes, for which the transfer was effected.”,
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and
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(b) in section 808, in paragraph (a) of subsection (4), by the substitution of “an individual resident or ordinarily resident in the State” for “an individual ordinarily resident in the State”.
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(2) This section shall apply irrespective of when the transfer or associated operations took place but shall apply only to income arising on or after the 12th day of February, 1998.
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