Clause 34

by inserting, immediately after paragraph (a) of subsection (1), the following paragraph:“(aa)discount derived by any company from any qualifying debt securities which mature within one year from the date of issue of those securities and issued during the period from 27th February 2004 to 31st December 2008;”; and

by deleting subsection (2) and substituting the following subsection:“(2) Subsection (1)(a) or (aa), as the case may be, 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 31st December 2008; and

any discount from any qualifying debt securities which mature within one year from the date of issue of those securities and issued during the period from 27th February 2004 to 31st December 2008,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 or discount, as the case may be, is derived by —

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

any company where the funds used by such company to acquire those securities are obtained, directly or indirectly, from any related party of the issuer of those securities.”.