50(1)In relation to shares issued before 6 April 1998, section 151 applies with the following modifications—U.K.
(a)in the definition of “excluded company” in subsection (1), the substitution for “in land, in commodities or futures or in shares, securities or other financial instruments” of “in shares, securities, land, trades or commodity futures”,
(b)in subsection (7), the insertion after “excluded company” of “or is a non-UK resident”.
(2)Sub-paragraph (1) applies in relation to section 576L of ICTA (which makes corresponding provision for the purposes of corporation tax) as it applies in relation to section 151.
(3)For the purposes of sub-paragraph (2), sub-paragraph (1)(b) has effect with the substitution for “subsection (7)” of “subsection (5)”.