(1) The Principal Act is hereby amended in Chapter 2 of Part 38 by the substitution for section 882 of the following section:

"882.

(1)

(a) In this section -

'secretary' includes persons mentioned in section 1044(2) and, in the case of a company not resident in the State, the agent, manager, factor or other representative of the company;

'settlor' and 'settlement' have the same meanings as in section 10;

'tax', in relation to a territory other than the State, means any tax imposed in that territory which corresponds to income tax or corporation tax;

'ultimate beneficial owners', in relation to a company, means -

(i) the individual or individuals who have control of the company, or

(ii) where a person, whether alone or together with other persons, who controls the company controls it in the capacity as the trustee of a settlement, any person who in relation to the settlement -

(I) is a settlor, or

(II) is, or can under any scheme or arrangement reasonably expect to become, a beneficiary under the settlement, or

(III) where such settlor or beneficiary, as the case may be, is a company, the ultimate beneficial owners of that company.