(1) Section 31 of the Finance Act, 1974, is hereby amended by the substitution for paragraph (cc) (inserted by the Finance Act, 1988) of subsection (3) of the following:
"(cc) interest paid to a person whose usual place of abode is outside the State by -
(i) a company in the course of carrying on relevant trading operations within the meaning of section 39A (inserted by the Finance Act, 1981) or section 39B (inserted by the Finance Act, 1987) of the Finance Act, 1980, or
(ii) a specified collective investment undertaking within the meaning of section 18 (as amended by section 35 of the Finance Act, 1996) of the Finance Act, 1989,
or".
(2) This section shall apply and have effect as on and from the 28th day of March, 1996.