(1) The Principal Act is amended in section 730F(1) -

(a) by substituting the following for paragraph (a):

"(a) subject to paragraph (b), where the chargeable event falls on or after 1 January 2001, at the rate of 28 per cent,",

and

(b) in paragraph (b) by substituting "(S+28) per cent" for "(S+26) per cent".

(2) The Principal Act is amended in section 730J -

(a) in paragraph (a)(i) by substituting the following for clause (I):

"(I) where the payment is a relevant payment, at the rate of 25 per cent, and",

(b) in paragraph (a)(i)(II)(A) by substituting "(S+28) per cent" for "(S+26) per cent",

(c) in paragraph (a) (i) (II) by substituting the following for subclause (B):

"(B) in any other case, at the rate of 28 per cent,",

and

(d) in paragraph (a)(ii)(I) by substituting "(H+25) per cent" for "(H+23) per cent".