(1) The Principal Act is amended -
(a) in section 73 by inserting the following after subsection (3):
"(4) This section ceases to have effect in respect of income arising on or after 1 January 2008.",
and
(b) in section 823 by substituting the following for subsection (2) (b):
"(b) This section does not apply in any case where the income from an office or employment -
(i) is chargeable to tax in accordance with section 71(3), or
(ii) is income to which section 822 applies.".
(2) Subsection (1) has effect as on and from 1 January 2008.