(1) The Principal Act is amended -

(a) in section 531A(1) by substituting the following for the definition of "aggregate income":

" 'aggregate income for the year of assessment', in relation to an individual and a year of assessment, means the aggregate of the individual's relevant emoluments in the year of assessment, including relevant emoluments that are paid in whole or in part for a year of assessment other than the year of assessment during which the payment is made, and relevant income for the year of assessment;",

(b) in section 531B in paragraph (b) of the Table to subsection (1) by substituting the following for all of the words from "The income described in this paragraph" to "in accordance with the Income Tax Acts and - ":

"The income described in this paragraph, to be known as 'relevant income', is income, without regard to any amount deductible from or deductible in computing total income, from all sources as estimated in accordance with the Tax Acts, other than relevant emoluments, social welfare payments and similar type payments and excluded emoluments, and - ",

(c) in section 531B in paragraph (b)(iii) of the Table to subsection (1) by deleting "and",

(d) in section 531B in paragraph (b)(iv) of the Table to subsection (1) by substituting "such payment," for "such payment.",