Clause 12

by deleting the words “31st December 2013” in subsection (1) and substituting the words “31st December 2018”; and

by deleting subsection (3) and substituting the following subsections:“(3) Notwithstanding anything in this section, where it appears to the Comptroller that any income of an approved securitisation company which has been exempted from tax under subsection (1) ought not to have been so exempted for any year of assessment, the Comptroller may, at any time within 4 years after the expiration of that year of assessment, make such assessment or additional assessment upon the company as may appear to be necessary in order to make good any loss of tax.(3A) Parts XVII and XVIII (relating to assessments, objections and appeals) and any rules made under this Act shall apply, with the necessary modifications, as if an assessment under subsection (3) were a notice of assessment.”.