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119(1)Amend section 575 (exclusion of relief under section 573 or 574 in certain cases) as follows.U.K.
(2)In the sidenote omit “or 574”.
(3)In subsection (1) for “Sections 573 and 574 do” substitute “ Section 573 does ”.
(4)In subsection (2)—
(a)for “person” substitute “ company ”,
(b)for “him” and, in both places where it occurs, “he” substitute “ it ”, and
(c)omit “or 574”, in each place where it occurs.
(5)In subsection (3) omit “or 574”.
(6)After subsection (3) insert—
“(4)In this section “new consideration” means consideration in money or money's worth other than consideration of the kind excluded by paragraph (a) or (b) of section 128(2) of the 1992 Act.”
(7)Transpose section 575 as so amended to after section 573.