(1) The Taxes Consolidation Act, 1997, is hereby amended -

(a) in sections 240(3) (a), 531(9) and 991(1) and paragraphs (a) and (b) of section 1080(1), by the substitution of "1 per cent" for "1.25 per cent" in each place where it occurs, and

(b) in section 953(7), by the substitution of "0.5 per cent" for "0.6 per cent".

(2) The Finance Act, 1983, is hereby amended -

(a) in section 105(1), by the substitution of "1 per cent" for "1.25 per cent.", and

(b) in section 107(2), notwithstanding Regulation 3 of the Payment of Interest on Overpaid Tax Regulations, 1990 (S.I. No. 176 of 1990), by the substitution of "0.5 per cent" for "1.25 per cent.".

(3) Section 46 of the Finance Act, 1978, is hereby repealed in so far as it relates to value-added tax.

(4) The Capital Acquisitions Tax Act, 1976, is hereby amended -

(a) in section 41(2), as construed by reference to section 43 of the Finance Act, 1978, by the substitution of "1 per cent" for "1.25 per cent.", and

(b) in section 46(1), notwithstanding Regulation 3 of the Payment of Interest on Overpaid Tax Regulations, 1990, by the substitution of "0.5 per cent" for "one per cent.".