Clause 36

by deleting the words “subsection (2) or (4)” in the 1st line of subsection (1) and substituting the words “subsections (2), (4) and (6)”; and

by inserting, immediately after subsection (5), the following subsections:“(6) There shall be levied and paid for each year of assessment upon any interest derived by a body of persons from qualifying debt securities at the rate of 10%.(7) Subsection (6) shall not, unless otherwise approved by the Minister or such person as he may appoint, apply to any interest derived from any qualifying debt securities issued during the period from 10th May 1999 to 27th February 2003 where 50% or more of the issue of those securities is beneficially held or funded, directly or indirectly, at any time during the life of the issue by related parties of the issuer of those securities and where such interest is derived by any body of persons —

which is a related party of the issuer of those securities; or

from securities acquired using funds obtained, directly or indirectly, from any related party of the issuer of those securities.(8) In this section, “qualifying debt securities” and “related party” have the same meanings as in section 13(11).”.