2071.This Act came into effect on Royal Assent. Section 579 provides for it to apply
for income tax purposes for chargeable periods ending on or after 6 April 2001; and
for corporation tax purposes for chargeable periods ending on or after 1 April.
2072.The different dates reflect the fact that the income tax year starts on 6 April and the financial year on 1 April.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
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