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Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act.
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19.—(1) Part 16 of the Principal Act is amended—
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(a) in section 488(1) by the insertion of the following after the definition of “eligible shares”:
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“‘Exchange Axess’ means the company incorporated under the Companies Acts, 1963 to 1999, on 19 July 1999 as Exchange Axess Limited;”,
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(b) in section 491 by the substitution, in subsection (4), of the following for the words after “by reason only of the fact” to the end of the subsection:
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“that—
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(I) a subscription for eligible shares in both companies is made by a person or persons having the management of an investment fund designated under section 508 as nominee for any person or group or groups of persons, or
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(II) both companies hold shares or securities in, or have made loans to, Exchange Axess or carry on in limited partnership with Exchange Axess such qualifying trading operations as are referred to in section 496(2) (a) (iv).”,
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and
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(c) in section 495(3) (a) (ii)—
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(i) by the substitution, in clause (I), of “company,” for “company, or”,
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(ii) by the substitution, in clause (II), of “trades, or” for “trades.”, and
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(iii) by the insertion, after clause (II), of the following:
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“(III) both the holding of shares or securities in, or the making of loans to, Exchange Axess, and the carrying on in limited partnership with Exchange Axess of such qualifying trading operations as are referred to in section 496(2)(a)(iv).”.
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(2) Subsection (1) shall apply and have effect as on and from 1 May 1998.
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