3(1)For the purposes of paragraph 2 above the amount of the old relief shall be determined in accordance with this paragraph.
(2)If the closing stock value is more than the value of the trading stock on 14th November 1980 the increase in stock value shall be calculated by reference to the value of the trading stock on that date instead of the closing stock value.
(3)Where the increase in stock value falls to be calculated in accordance with sub-paragraph (2) above the deduction to be made by reference to relevant income shall be made by reference to such part of that income as corresponds to the part of the period of account ending with 14th November 1980.
(4)Where an election is made under paragraph 20 of Schedule 9 to this Act by reference to a transfer which took place before 14th November 1980, sub-paragraph (2) above shall not apply in relation to the predecessor.
(5)Paragraph 24 of Schedule 9 to this Act shall apply for the purposes of tins paragraph.
(6)There shall be deducted from the amount of the old relief an amount equal to one-quarter of the amount of the new relief or £10,000, whichever is the less.
(7)Where a charge has been deferred as mentioned in paragraph 4 below, the amount of the old relief shall be equal to—
(a)the amount of that relief as determined under sub-paragraphs (2) to (6) above ; or
(b)so much of the amount of that relief determined without regard to those sub-paragraphs as does not exceed the amount of the charge,
whichever is the greater.