Chapter 3A (Implementation of Council Directive 2003/48/EC of 3 June 2003 on Taxation of Savings Income in the Form of Interest Payments and Related Matters) of Part 38 of the Taxes Consolidation Act 1997 (No. 39 of 1997) is amended in section 898E, by substituting -

(a) in subsection (1) (g), for subparagraph (iii) the following subparagraph:

"(iii) an undertaking for collective investment established in a territory other than the State or a relevant territory,",

(b) in subsection (1) (h), for subparagraph (iii) the following subparagraph:

"(iii) an undertaking for collective investment established in a territory other than the State or a relevant territory.",

(c) for subsection (5) the following subsection:

"(5) Income referred to in paragraphs (g) and (h) of subsection (1) shall not be regarded as an interest payment in the case of such income from a UCITS (being an undertaking for collective investment in transferable securities within the meaning of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 1989 (S. I. No. 78 of 1989)) or a deemed UCITS (being a person established in the State) where the UCITS or deemed UCITS investment either directly or indirectly, via an entity referred to in subparagraph (i), (ii) or (iii) of paragraph (g) of subsection (1) or a residual entity, in assets referred to in paragraphs (a to (h) of subsection (1) does not exceed 15 per cent of its total assets.",

and