^[2]>

(b) a company which is not resident in the State and—

(i) is, by virtue of the law of a relevant territory, resident for the purposes of tax in the relevant territory, but is not under the control, whether directly or indirectly, of a person or persons who is or are resident in the State,

(ii) is under the control, whether directly or indirectly, of a person or persons who, by virtue of the law of a relevant territory, is or are resident for the purposes of tax in the relevant territory and who is or are, as the case may be, not under the control, whether directly or indirectly, of a person who is, or persons who are, not so resident, or

(iii) the principal class of the shares of which, or—

(I) where the company is a 75 per cent subsidiary of another company, of that other company, or

(II) where the company is wholly-owned by 2 or more companies, of each of those companies,

^[9]>is substantially and regularly traded on^<[9][9]>is substantially and regularly traded on a stock exchange in the State, on^<[9] one or more than one recognised stock exchange in a relevant territory or territories or on such other stock exchange as may be approved of by the Minister for Finance for the purposes of this Chapter,

and which has made a declaration to the relevant person in relation to the relevant distribution in accordance with paragraph 9 of Schedule 2A and ^[10]>in relation to which declaration each of the certificates referred to in clause (i), the certificate referred to in clause (ii) or, as the case may be, the certificate referred to in clause (iii), of subparagraph (f) of that paragraph is a current certificate (within the meaning of paragraph 2 of that Schedule)^<[10][10]>where the declaration made is a current declaration (within the meaning of paragraph 2A of that Schedule)^<[10] at the time of the making of the relevant distribution.

^<[2]

^[3]>

(3A) For the purposes of subsection (3)(b)(i), “control” shall be construed in accordance with subsections (2) to (6) of section 432 as if in subsection (6) of that section for “5 or fewer participators” there were substituted “persons resident in the State”.

^<[3]

^[11]>

(3B) Subsections (2) and (3) shall not apply to a property income dividend (within the meaning of section 705A).

^<[11]

^[7]>

(6) For the purposes of subsection (3)(b)(iii)(II), a company (in this subsection referred to as an “aggregated 100 per cent subsidiary”) shall be treated as being wholly-owned by 2 or more companies (in this subsection referred to as the “joint parent companies”) if and so long as 100 per cent of its ordinary share capital is owned directly or indirectly by the joint parent companies, and for the purposes of this subsection—

(a) subsections (2) to (10) of section 9 shall apply as those subsections apply for the purposes of that section, and

(b) sections 412 to 418 shall apply with any necessary modifications as those sections would apply for the purposes of Chapter 5 of Part 12—

(i) if section 411(1)(c) were deleted, and

(ii) if the following subsection were substituted for subsection (1) of section 412:

“(1) Notwithstanding that at any time a company is an aggregated 100 per cent subsidiary (within the meaning assigned by section 172D(6)) of the joint parent companies (within the meaning assigned by that section), it shall not be treated at that time as such a subsidiary unless additionally at that time—

(a) the joint parent companies are between them beneficially entitled to not less than 100 per cent of any profits available for distribution to equity holders of the company, and

(b) the joint parent companies would be beneficially entitled between them to not less than 100 per cent of any assets of the company available for distribution to its equity holders on a winding-up.”.

^<[7]