PART 8Consequential amendments

Amendments to the Income Tax Act 2007I124

1

The Income Tax Act 200766 is amended as follows.

2

In section 886 (interest paid by recognised clearing house)—

a

in subsection (1)—

i

for “recognised clearing house (“RCH”) or recognised investment exchange (“RIE”)” substitute “relevant entity”,

ii

in paragraph (a) for “RCH or RIE” substitute “relevant entity”;

b

in subsection (2) for “an RCH or RIE” substitute “a relevant entity”;

c

in subsection (3)—

i

in the definition of “central counterparty clearing service” for “an RCH or RIE”, substitute “a relevant entity” and for “the RCH or RIE” substitute “the relevant entity”;

ii

omit the definition of ““recognised clearing house” and “recognised investment exchange””;

iii

after the definition of “central counterparty clearing service” insert—

  • “relevant entity”, means any of the following (as defined for the purposes of FISMA 2000 by section 285 of that Act)—

    1. a

      a recognised clearing house;

    2. b

      a recognised investment exchange;

    3. c

      an EEA central counterparty;

    4. d

      a third country central counterparty.