34. Amendment of section 831 of Principal Act (implementation of Council Directive No. 90/435/EEC concerning the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States)
(1) Section 831 of the Principal Act is amended -
(a) in subsection (1)(a) by deleting the definition of "arrangements",
(b) in subsection (1)(a), in the definition of "bilateral agreement", by substituting "arrangements having the force of law by virtue of section 826(1)" for "arrangements",
(c) in subsection (3)(a), by substituting "arrangements having the force of law by virtue of section 826(1)" for "arrangements", and
(d) by inserting the following after subsection (6) -
(a) Subsections (1) to (5) shall not apply to an arrangement or a series of arrangements which -
(i) has been put in place for the main purpose of, or one of the main purposes of which is, obtaining a tax advantage that defeats the object or purpose of the Directive, and
(ii) is not genuine having regard to all the facts and circumstances.