After section 259D of the Principal Act , the following section is inserted in Part 3:

259E.     Transitional provisions consequent on the enactment of Part 2 of the Revenue Measures Act 2012

(1)  If one or more transactions which were liable for duty prior to 1 October 2012 are to be aggregated with one or more transactions which are liable for duty on or after 1 October 2012 in accordance with section 22 or under section 71 , the duty chargeable on the transaction or transactions liable for duty on or after 1 October 2012 is to be calculated in accordance with the following formula:

where –

DP is the duty payable;

B is the duty calculated on the dutiable value of the aggregated transactions in accordance with the general rate of duty that was in effect on 1 October 2012;

A is the duty calculated on the dutiable value of the aggregated transactions in accordance with the general rate of duty that was in effect on 30 September 2012;

D is the dutiable value of the aggregated transaction or transactions that are liable for duty on or after 1 October 2012;

T is the total dutiable value of the aggregated transactions.

(2)  For the purposes of sections 22(4) and 71(3) , the duty payable in accordance with section 22 or under section 71 is taken to be the duty chargeable in accordance with this section.