Taxes Consolidation Act, 1997 (Number 39 of 1997)
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898K Special arrangements for certain securities.
(1) Subject to subsection (2), section 898E shall not apply to a security (being a security issued under a programme)—
(a) which issued before 1 March 2001, or
(b) where the issuing prospectus was approved before that date by the competent authorities of a Member State (within the meaning of Council Directive 80/390/EEC1) or by the responsible authorities of a third country.
(2) Subsection (1) shall cease to apply—
(a) in the case of a security issued under a programme promoted by any Government or an entity referred to in the Annex to the Directive, to all securities issued under that programme if on or after 1 March 2002 any further security is issued under that programme, and
(b) in any other case, to any security issued under that programme on or after 1 March 2002.
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(3) Subject to subsection (4), this section shall cease to apply as on and from the earlier of—
(a) the end of the transitional period referred to in Article 10 of the Directive, and
(b) 31 December 2010.
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(3) This section shall cease to apply as on and from 31 December 2011.
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(4) If the transitional period referred to in Article 10 of the Directive continues after 31 December 2010, this section shall continue to apply to interest paid in respect of a security referred to in subsection (1) which contains gross-up or early redemption clauses or both.
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Footnotes
1 OJ No. L100, 17.4.1980, p.1