(1) The Income Tax Act 2007 [2007 c. 3; section 886 was amended by paragraph 24 of Schedule 14 to the Finance Act 2007.] is amended as follows.

(2) In section 886 (interest paid by recognised clearing house) -

(a) in subsection (1) -

(i) for "recognised clearing house ("RCH") or recognised investment exchange ("RIE")" substitute "relevant entity",

(ii) in paragraph (a) for "RCH or RIE" substitute "relevant entity";

(b) in subsection (2) for "an RCH or RIE" substitute "a relevant entity";

(c) in subsection (3) -

(i) in the definition of "central counterparty clearing service" for "an RCH or RIE", substitute "a relevant entity" and for "the RCH or RIE" substitute "the relevant entity";

(ii) omit the definition of ""recognised clearing house" and "recognised investment exchange"";

(iii) after the definition of "central counterparty clearing service" insert -

""relevant entity", means any of the following (as defined for the purposes of FISMA 2000 by section 285 of that Act) -

(a) a recognised clearing house;

(b) a recognised investment exchange;

(c) an EEA central counterparty;