(1) Section 46 of the Principal Act is amended -

(a) in subsection (2A) -

(i) in paragraph (a), by the substitution of "tax (if any)" for "tax", and

(ii) in paragraph (b), by the substitution of "tax (if any)" for "tax",

(b) in subsection (4) -

(i) in paragraph (aa), by the deletion of "or" where it occurs after "section 93(1),", and

(ii) by the insertion of the following paragraph after paragraph (aa):

"(ab) the gift is in respect of the use or enjoyment of a specified loan to which subsection (4A) applies, or",

(c) by the insertion of the following subsection after subsection (4):

"(4A)

(a) In this subsection -

‘beneficial owner’, in relation to a company, means any person that is a beneficial owner of -