S.I. No. 245 of 2003

ORDER

entitled

Finance Act 2003 (Section 49(1)) (Date of Application) Order 2003

S.I. No. 245 of 2003

I, Charlie McCreevy, Minister for Finance, in exercise of the powers conferred on me by section 49(2) of the Finance Act 2003 ( No. 3 of 2003 ), hereby order as follows:

1.          This Order may be cited as the Finance Act 2003 (Section 49(1))(Date of Application) Order 2003.

2.          The 13th day of June 2003 is appointed as the day on which subsection (1) of section 49 of the Finance Act 2003 is to apply in relation to a wholesale debt instrument (within the meaning of section 246A of No. 39 of 1997 )) issued on or after that day.

(This note is not part of the Instrument and does not purport to be a legal interpretation)

Explanatory Note

This Order brings into operation the provisions of subsection (1) of section 49 of the Finance Act 2003 as respects a wholesale debt instrument (within the meaning of section 246A of the Taxes Consolidation Act 1997 ) issued on or after the date of signing of the Order. That subsection inserted section 246A into the Taxes Consolidation Act 1997 which section provides for the taxation treatment of interest paid in respect of a wholesale debt instrument. A wholesale debt instrument is defined by section 246A of the Taxes Consolidation Act 1997 as either commercial paper or a certificate of deposit.