Section 17 of the Principal Act is hereby amended by the substitution of the following proviso for the proviso to subsection (1B) (inserted by the Act of 1992):
"Provided that this provision shall not apply -
(a) to taxable persons whose taxable turnover in respect of supplies of goods to other taxable persons has not exceeded £2,000,000 in the previous period of 12 months, and
(b) in any event, in respect of all such supplies made in the taxable periods commencing on or after the 1st day of May, 1995.".