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Amendment of Part 8 (annual payments, charges and interest) of Principal Act.
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9.— (1) The Principal Act is amended in section 256(1) in the definition of “ appropriate tax ”—
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(a) in paragraph (a) by substituting “25 per cent” for “23 per cent”,
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(b) by substituting the following for paragraph (b):
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“(b) subject to paragraph (c), in the case of interest paid in respect of any other relevant deposit, at the rate of 25 per cent, and”,
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and
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(c) by substituting the following for paragraph (c):
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“(c) in the case of interest paid in respect of a relevant deposit, being a deposit made on or after 23 March 2000, other than interest which is—
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(i) referred to in paragraph (a), or
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(ii) payable annually or at more frequent intervals, or
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(iii) specified interest within the meaning of section 260,
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at the rate of 28 per cent;”.
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(2) The Principal Act is amended in section 267B—
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(a) in subsection (2)(b) by substituting “25 per cent” for “23 per cent”, and
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(b) in subsection (3)(b) by substituting “25 per cent” for “23 per cent”.
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(3) This section applies as respects any payment or crediting of relevant interest (within the meaning of Chapter 4 of Part 8 of the Principal Act) made on or after 8 April 2009.
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