Finance Act 2003

4(1)Paragraph 1 of Schedule 1 to that Act is amended as follows.U.K.

(2)In sub-paragraph (1), in the words following paragraph (b)—

(a)for “section 3(1) to (6)” substitute “ sections 3(1) to (5C) and 3A ”;

(b)at the end insert “ , but with the modifications specified in this paragraph ”.

(3)After sub-paragraph (2) insert—

(2A)As they apply by virtue of sub-paragraph (1) above—

(a)section 3(5A) has effect with the omission of paragraph (b), and

(b)section 3(5B) has effect with the omission of the words “or (b)”..

(4)In sub-paragraph (3)—

(a)for “section 3” substitute “ sections 3 and 3A(1)(a) ”;

(b)after “the exempt amount for the year”, where it first occurs, insert “ (except the one in section 3(2)) ”.

F1(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .