(1) The value of the dividend paid in a year of assessment on shares held in a medium term share account shall -
(a) be treated as an amount of relevant interest paid in that year of assessment only to the extent that such value exceeds €480, and
(b) as respects the first €480 of such value, be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts.
(2) The value of the dividend paid in a year of assessment on shares held in a long term share account shall -
(a) be treated as an amount of relevant interest paid in that year of assessment only to the extent that such value exceeds €635, and
(b) as respects the first €635 of such value, be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts.
(3) Where an account is opened by a member as a medium term share account, the member may subsequently make an election in writing to the credit union to have the account
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