(1) In this section -

'material interest' shall be construed in accordance with section 65(2) of the Finance Act, 1990;.

'offshore fund' has the meaning assigned to it in section 65(1) of the Finance Act, 1990:

Provided that a relevant UCITS, within the meaning of section 19(1) of the Finance Act, 1989, shall not be an offshore fund.

(2) As respects a material interest in an offshore fund, section 230 shall apply, with any necessary modification, where it would not otherwise apply to the following persons -

(a) to every person carrying on in the State a trade or business in the ordinary course of the operations of which such person acts as an intermediary in, or in connection with, the acquisition of such an interest in the same manner as it applies to every intermediary within the meaning of that section, and

(b) to a person resident or ordinarily resident in the State who acquires such an interest, in the same manner as it applies to a person resident in the State opening an account, in which a deposit which he beneficially owns is held, at a location outside the State,

as if in that section -

(i) references to a deposit were references to any payment made by a person resident or ordinarily resident in the State in acquiring such an interest;

(ii) references to a foreign account were references to such an interest;