Repeal, revocation and saving6
1
Subject to paragraph (2)—
a
section 16(3) of the Finance Act 2007 is repealed; and
b
the Community Emissions Trading Scheme (Allocation of Allowances for Payment) Regulations 2008 M1 are revoked.
2
That section and those Regulations continue to have effect for the purpose of auctioning Phase II allowances.