Part 8A of the Principal Act is amended -

(a) in section 267N by substituting the following for the definition of "finance company":

"'finance company' means a company whose income consists wholly or mainly of either or both of the following -

(a) income from the leasing of machinery or plant, and

(b) income from the carrying on of specified financial transactions;",

and

(b) by substituting the following for section 267U:

"267U.

(1) This Part applies to a specified financial transaction where a person who is -

(a) a party to the transaction, and

(b) within the charge to tax,

makes an election in writing to the inspector (within the meaning of section 950) that this Part applies to that transaction.

(2) An election under this section -

(a) shall be made in a form approved by the Revenue Commissioners and containing such particulars relating to the transaction concerned, and the parties to that transaction, as may be specified in that form, and

(b) may be made either in respect of an individual transaction or in respect of a series of transactions of a similar nature.