39(1)Sub-paragraph (2) applies if—U.K.
(a)the effect of a scheme under paragraph 1 of Schedule 15, paragraph 31 of Schedule 17, paragraph 1 of Schedule 19 or paragraph 1 of Schedule 25 is modified by an order made by the Secretary of State, or
(b)the effect of a scheme under paragraph 1 of Schedule 21 under which the property, rights or liabilities are transferred to the Secretary of State or a franchise company is modified by an agreement made under paragraph 15 of that Schedule.
(2)The Corporation Tax Acts (including this Schedule) are to have effect as if—
(a)the scheme had been made as modified, and
(b)anything done by or in relation to the preceding holder had (so far as relating to the property, rights or liabilities affected by the modification) been done by or in relation to the subsequent holder.
(3)For the purposes of sub-paragraph (2) the preceding holder is the person who without the modification—
(a)became (under the scheme concerned) entitled or subject to the property, rights or liabilities affected by the modification, or
(b)remained (despite the scheme concerned) entitled or subject to the property, rights or liabilities affected by the modification,
as the case may be.
(4)For the purposes of sub-paragraph (2) the subsequent holder is the person who (in consequence of the modification) becomes, or resumes being, entitled or subject to the property, rights or liabilities affected by the modification.