Section 480C of the Principal Act is amended -

(a) in subsection (1), by the insertion of the following definitions:

"'Revenue officer' means an officer of the Revenue Commissioners;

'total Case V income', in relation to a person chargeable for a year of assessment, means the total amount of Case V income on which the person chargeable is assessed to income tax after deducting any allowance made in accordance with Part 9 in charging the income under Case V of Schedule D and relief for losses under section 384;",

(b) by the substitution of the following subsection for subsection (2):

"(2) In relation to a year of assessment, a person chargeable shall be entitled to a tax credit of the lowest of -

(a) in respect of the year of assessment 2024 -

(i) €600,

(ii) an amount equal to the appropriate percentage of the relevant amount, or

(iii) an amount equal to the appropriate percentage of the total Case V income of the person chargeable,

(b) in respect of the year of assessment 2025 -

(i) €800,