(1) The Principal Act is hereby amended by the substitution of the following section for section 153:

"153.

(1) In this section -

'non-resident person', in relation to a distribution, means the person beneficially entitled to the distribution, being -

(a) a person, other than a company, who -

(i) is neither resident nor ordinarily resident in the State, and

(ii) is, by virtue of the law of a relevant territory, resident for the purposes of tax in the relevant territory,

or

(b) a company which is not resident in the State and -

(i) is under the control, whether directly or indirectly, of a person or persons who, by virtue of the law of a relevant territory, is or are resident for the purposes of tax in such a relevant territory and who is or are, as the case may be, not under the control, whether directly or indirectly, of a person who is, or persons who are, not so resident, or

(ii) the principal class of the shares of -

(I) the company, or

(II) another company of which the company is a 75 per cent subsidiary,