Clause 25

in subsection (1)(b), replace “on or after 1 April 2017, 8%.” with “between 1 April 2017 and 16 February 2024 (both dates inclusive), 8%;”;

in subsection (1), after paragraph (b), insert —“(c)where the company is approved on or after 17 February 2024, 8% or 10%, as specified by the Minister or an authorised body to the company;

where subsection (1D) applies, the substituted concessionary rate mentioned in that subsection but only for income derived from (and including) the date specified by the Minister or authorised body to the company for the application of that rate, which may be a date earlier than the notice mentioned in that subsection but not earlier than 1 January 2024.”; and

after subsection (1C), insert —“(1D) The Minister or an authorised body may, on or after 17 February 2024, on the Minister’s or authorised body’s own initiative or on the application of the approved aircraft leasing company, by notice to the company substitute the concessionary rate of tax applicable to the company under subsection (1)(b) or (c) or (1A) with 8% or 10% (as the case may be), for the remaining part of the period in subsection (3).”.