(1) Chapter 3 of Part 3 of the Principal Act is amended -

(a) in section 19 by substituting the following for the definition of "chargeable date":

"'chargeable date', in relation to any year, means -

(a) in respect of the year 2006, 5 April and 31 December in that year, and

(b) in respect of the year 2007 and subsequent years, 31 December in the year concerned;",

(b) by substituting the following for section 23:

"23. Computation of tax.

(1) Subject to subsection (2), the tax chargeable on the taxable value of a taxable inheritance which is charged to tax by reason of section 20 is computed at the rate of one per cent of that taxable value.

(2) The tax chargeable on the chargeable date that is 31 December 2006 shall be an amount equal to 73.97 per cent of the tax chargeable by virtue of subsection (1).",

and

(c) in section 24 by inserting the following after subsection (1):