In lieu of the present excise duties, drawbacks and allowance in respect of sugar, molasses, glucose and saccharin there shall, as from the thirtieth day of April, nineteen hundred and twenty-four, be charged, levied and paid the duties specified in the third column of Part I of the First Schedule to this Act, and there shall, as from the date aforesaid, be paid and allowed the drawbacks and allowance set out in Part II of the said Schedule, but subject both as respects duties and as respects drawbacks and allowances to the provisions, so far as they are applicable, set out in Part III of the said Schedule.

The provisions of Part III. of the First Schedule to the [5 & 6 Geo. 5. c. 89.] Finance (No. 2) Act, 1915, shall apply to the excise duties under this section.