As respects gifts or inheritances taken on or after the 24th day of February, 1993, paragraph 9 (inserted by the Finance Act, 1989) of Part I of the Second Schedule to the Principal Act is hereby amended -

(a) by the substitution of the following definition for the definition of "company":

"'company' means a private company which, for the relevant period -

(a) is a private company controlled by the disponer and of which the disponer is a director, and

(b) is not a private non-trading company;",

(b) by the deletion of the definition of "ompany controlled by the disponer",

(c) by the insertion of the following definition after the definition of "control":

"'investment income', in relation to a private company, means income which, if the company were an individual, would not be earned income within the meaning of section 2 of the Income Tax Act, 1967;",

and

(d) by the insertion of the following definitions after the definition of "nominee":

"'private company' has the meaning assigned to it by section 16 (2);

'private company controlled by the disponer' means a private company that is under the control of any one or more of the following, that is to say -

(a) the disponer,

(b) nominees of the disponer,

(c) the trustees of a settlement made by the disponer;