(1) Part 41 of the Principal Act is amended as respects the year of assessment 2001 and subsequent years (being years of assessment for income tax and capital gains tax) and as respects accounting periods of companies ending on or after 1 April 2001 -

(a) in section 950(1) -

(i) by the substitution for paragraph (a) of the definition of "chargeable person" of the following:

"(a) whose total income for the chargeable period consists solely of emoluments to which Chapter 4 of Part 42 applies, and for this purpose a person whose total income for the chargeable period, other than emoluments to which that Chapter applies, is taken into account in determining in accordance with regulations made under section 986 the amount of his or her tax credits and standard rate cut-off point for the chargeable period shall be deemed for the chargeable period to be a person whose total income consists solely of emoluments to which that Chapter applies,",

and

(ii) by the substitution for paragraph (a) of the definition of "specified return date for the chargeable period" of the following:

"(a) where the chargeable period is a year of assessment for income tax or capital gains tax purposes, 31 October in the year of assessment following that year,",