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Finance Act 2003

Amendment of section 55 (payment of tax on certain assets by instalments) of Principal Act.

148.—(1) Section 55(2)(b) of the Principal Act is amended by substituting “0.0241 per cent or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each day or part of a day” for “0.75 per cent or such other rate (if any) as stands prescribed by the Minister for Finance by regulations, for each month or part of a month”.

(2) Subsection (1) applies on and from 1 September 2002 to interest payable under the provision mentioned in subsection (1) in respect of an amount due to be paid whether before, on or after that date in accordance with that provision.