The legislation was contained in section 71 of the Finance Act 1999 .
The legislation was provided for a phased introduction of the 12.5 % rate from 32 % for the financial year 1998 to 12.5 % commencing from 1 January 2003 .
The legislation was contained in section 71 of the Finance Act 1999 and provided for a phased introduction of the 12.5 % rate from 32 % for the financial year 1998 to 12.5 % commencing from 1 January 2003 .