(1) Where interest is paid by a relevant deposit taker in respect of a relevant deposit held in a special term account that is opened before 16 October 2013, such interest shall be relevant interest for the purposes of this Chapter only to the extent provided for in this section.
(2) Interest paid in a year of assessment in respect of a relevant deposit held in a medium term account shall -
(a) be relevant interest only to the extent that such interest exceeds €480, and
(b) as respects the first €480 of such interest, be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income Tax Acts.
(3) Interest paid in a year of assessment in respect of a relevant deposit held in a long term account shall -
(a) be relevant interest only to the extent that such interest exceeds €635, and
(b) as respects the first €635 of such interest, be exempt from income tax and shall not be reckoned in computing total income for the purposes of the Income
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