(1)Income tax for the year beginning on the sixth day of April nineteen hundred and one shall be charged at the rate of one shilling and twopence.
(2)All such enactments relating to income tax as were in force on the fifth day of April nineteen hundred and one shall have full force and effect with respect to the duty of income tax hereby granted.
(3)The annual value of any property, which has been adopted for the purpose either of income tax under Schedules A. and B. in the [16 & 17 Vict. c. 34.] Income Tax Act, 1853, or of inhabited house duty, during the year ending on the fifth day of April nineteen hundred and one, shall be taken as the annual value of such property for the same purpose during the next subsequent year; provided that this subsection—
(a)so far as respects the duty on inhabited houses in Scotland, shall be construed with the substitution of the twenty-fourth day of May for the fifth day of April; and
(b)shall not apply to the metropolis as defined by the [32 & 33 Vict. c. 67.] Valuation (Metropolis) Act, 1869.
(4)Section thirty-eight of the [57 & 58 Vict. c. 30.] Finance Act, 1894 (which relates to duty on dividends, &c. paid prior to the passing of the Act), shall be applied with respect to the year which commenced on the sixth day of April nineteen hundred and one, as it was applied with respect to the year which commenced on the sixth day of April one thousand eight hundred and ninety-four.
Subsection one of section twenty-six of the Customs and Inland Revenue Act, 1890 (which relates to the reduction of inhabited house duty in the case of lodging-houses), shall be read with the substitution of the first day of October for the first day of July as the day before which registration is to be effected, and of the first day of November for the first day of October as the day before which application must be made for the reduction of the rate of charge.