Section 531AN of the Principal Act is amended for the year of assessment 2013 and each subsequent year of assessment -

(a) by substituting the following for subsection (1):

"(1) For each tax year an individual shall be charged to universal social charge on his or her aggregate income for the tax year -

(a) at the rate specified in column (2) of the Table to this section corresponding to the part of aggregate income specified in column (1) of that Table where the individual is -

(i) aged under 70 years, or

(ii) aged 70 years or over at any time during the tax year and has aggregate income that exceeds €60,000,

or

(b) at the rate specified in column (3) of the Table to this section corresponding to the part of aggregate income specified in column (1) of that Table where the individual is aged 70 years or over at any time during the tax year and has aggregate income that does not exceed €60,000.",

(b) by substituting the following for subsection (2):