§ Amendments made: No. 48, in page 32, line 29, leave out "subsection (2)" and insert subsections (2) and (2A)".
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No. 49, in line 42, at end insert—
'(2A) Where the disposal is by a close company, paragraph 18(1) of Schedule 7 to the said Act of 1965 (assets disposed of for less than market value) shall apply to the disposal as if for the reference to market value there were substituted a reference to market value or the sums allowable as a deduction under paragraph 4 of Schedule 6 to that Act, whichever is the less.'.
§ No. 50, in line 23, leave out "or has been".
§ No. 51, in line 25, leave out "or has been".
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No. 52, in line 31, leave out paragraph (c) and insert—
'(c) any other person who has been a participator in the donor company of any such company as is mentioned in paragraph (b) above at any time after, or during the ten years before, the disposal made by that company; or
(d) any person who is connected with a person within paragraph (a), (b) or (c) above.'.—[Mr. Denzil Davies.]