The Principal Act is amended -

(a) in section 579 by substituting the following for subsection (6):

"(6) This section shall not apply -

(a) in relation to a loss accruing to the trustees of the settlement, or

(b) where it is shown in writing or otherwise to the satisfaction of the Revenue Commissioners that, at the time when the charge to capital gains tax arises, genuine economic activities are carried on by the settlement in a relevant Member State (within the meaning of section 806(11)(a)).",

(b) in section 579A by substituting the following for subsection (9A):

"(9A) This section shall not apply where it is shown in writing or otherwise to the satisfaction of the Revenue Commissioners that, at the time when the charge to capital gains tax arises, genuine economic activities are carried on by the settlement in a relevant Member State (within the meaning of section 806(11)(a)).",

(c) in section 590(7) by substituting the following for paragraph (aa):

"(aa) a chargeable gain accruing on the disposal of an asset where it is shown in writing or otherwise to the satisfaction of the Revenue Commissioners that, at the time of the disposal, genuine economic activities are carried on by the company in a relevant Member State (within the meaning of section 806(11)(a)),",

and