189B. Exemption in respect of periodic payments for personal injuries

(1) This section shall apply to any payment made to or in respect of an individual—

(a) pursuant to a periodic payments order within the meaning of Part IVB of the Civil Liability Act 1961 , or

(b) pursuant to any order or other instrument that corresponds to an order referred to in paragraph (a) which is made in accordance with the law of a territory other than the State.

(2) Where, for any year of assessment, an individual is in receipt of a payment to which this section applies, such payment shall be exempt from income tax and shall not be reckoned in computing income for the purposes of the Income Tax Acts.