5A

Subsection (5B) below applies where—

a

there has been an issue of ordinary share capital of a company (“the first issue”),

b

an approval of that company for the purposes of this section has taken effect on or before the day of the making of the first issue, and

c

a further issue of ordinary share capital of that company has been made since the making of the first issue.

5B

Where this subsection applies, the use to which the money raised by the further issue is put, and the use of any money deriving from that use, shall be disregarded in determining whether any of the conditions specified in subsection (2)(b) and (c) above are, have been or will be fulfilled in relation to—

a

the accounting period in which the further issue is made; or

b

any later accounting period ending no more than three years after the making of the further issue.

ca

in a case where the use of any money falls to be disregarded for any accounting period in accordance with subsection (5B) above—

i

that the first accounting period of the company for which the use of that money will not be disregarded will be a period in relation to which a condition specified in subsection (2) above will fail to be fulfilled; or

ii

that the company has not fulfilled such other conditions as may be prescribed by regulations made by the Board in relation to, or to any part of, an accounting period for which the use of that money falls to be disregarded;