Excluded activities: wholesale and retail distributionU.K.
53(1)In relation to shares issued before 6 April 2007, section 193(5)(b) (as applied by section 137(7)) applies with the following modifications—U.K.
(a)the insertion after “held” of “by the company”, and
(b)the substitution for “the trader” of “a vendor”.
(2)Sub-paragraph (1) applies in relation to section 193(5)(b) as applied by section 576B(7) of ICTA (which makes corresponding provision for the purposes of corporation tax) as it applies in relation to section 193(5)(b) as applied by section 137(7).