(1) Section 541A (inserted by the Finance Act, 1998) of the Principal Act is hereby amended -

(a) in subsection (2) by the substitution of "Subject to subsection (4) and notwithstanding any other provision of the Capital Gains Tax Acts" for "Notwithstanding any other provision of the Capital Gains Tax Acts",

and

(b) by the insertion after subsection (3) of the following subsection:

"(4)

(a) In this subsection -

'assurance company' has the meaning assigned to it in section 706;

'life business fund' has the meaning assigned to it in section 719;

'special investment fund' has the meaning assigned to it in section 723;

'special investment scheme' has the meaning assigned to it in section 737;

'undertaking for collective investment' has the meaning assigned to it in section 738.

(b) Where the person referred to in subsection (1) is a company and either -

(i) the company is an assurance company and the debt referred to in that subsection is an asset of the company's life business fund, or

(ii) the company is an undertaking for collective investment and the debt referred to in that subsection is an asset of the undertaking,