11. Amendment of section 128 (tax treatment of directors of companies and employees granted rights to acquire shares or other assets) of Principal Act.

(1) Section 128 of the Principal Act is amended -

(a) in subsection (1), by inserting the following in paragraph (a) before the definition of "company":

"'branch or agency' has the same meaning as in section 4;",

(b) in subsection (11), by substituting "31 March" for "30 June", and

(c) by substituting the following for subsection (11A) (inserted by the Finance Act, 2000):

"(12) Where in relation to any right -

(a) the person referred to in subsection (11) is not resident in the State, and

(b) the person who obtains the right is a director or employee of a company which is either -

(i) resident in the State, or

(ii) not resident in the State but carries on a trade, profession or vocation in the State through a branch or agency in which the director or employee is employed,

subsection (11) shall, as regards a company referred to in paragraph (b) (i) apply to the company, and, as regards a company referred to in paragraph (b) (ii) apply to its agent, manager, factor or other representati

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