S.I. No. 245/2003 - Finance Act 2003 (Section 49(1)) (Date of Application) Order 2003

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 the

Taxes Consolidation Act 1997

(No. 39 of 1997)) issued on or after that day.

GIVEN under my Official Seal,

13 June 2003.

______________

Charlie McCreevy

Minister for Finance

(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.

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