(1) The Taxes Consolidation Act, 1997, is hereby amended -
(a) in section 256(1), by the substitution of the following paragraph for paragraph (a) of the definition of "appropriate tax":
"(a) in the case of a relevant deposit or relevant deposits held in a special savings account, at the rate of 20 per cent, and",
and
(b) in section 891, by the insertion of the following subsection after subsection (1):
(a) In this subsection, 'credit union' means a society registered under the Credit Union Act, 1997, including a society deemed to be so registered under section 5(3) of that Act.
(b) This section shall not apply in relation to any interest paid or credited by a credit union in respect of money received or retained by it.".
(a) Paragraph (a) of subsection (1) shall apply as on and from the 6th day of April, 1998.
(b) Paragraph (b) of subsection (1) shall apply as respects chargeable periods (within the meaning of section 321(2) of the Taxes Consolidation Act, 1997) beginning on
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