I move amendment No. 45:
In page 45, subsection (3), lines 34 and 35, to delete "in respect of a unit of a security referred to in section 19 of the Capital Gains Tax Act, 1975" and substitute "of a unit of a security in relation to which section 19 of the Capital Gains Tax Act, 1975, applies".
This amendment deals with the taxation regime to be applied to strips of interest bearing securities. These arise where the owner of an interest bearing security divides a security into its component parts, each interest payment, and final return on capital. Once stripped in this way each part can be traded separately. We have introduced this at the request of NTMA who informed us there was a growing market for this kind of financial security in which it could trade and it needed clarification with regard to legislation, hence the reason for its introduction.