(1) The Principal Act is amended -

(a) in Part 8 -

(i) in section 256(1) -

(I) by the substitution for paragraph (a) of the definition of "appropriate tax" of the following:

"(a) in the case of interest paid in respect of a relevant deposit or relevant deposits held in -

(i) a special savings account, or

(ii) a special term account,

at the rate of 20 per cent,",

(II) by the insertion after the definition of "building society" of the following:

"'credit union' means a society registered under the Credit Union Act, 1997, including a society deemed to be so registered under section 5(3) of that Act;",

(III) by the insertion after the definition of "interest" of the following:

"'long term account' means an account opened by an individual with a relevant deposit taker on terms under which the individual has agreed that each relevant deposit held in the account is to be held in the account for a period of not less than 5 years;