Section 525 has effect as if for subsections (2) to (9) there were substituted—

“(2)

Subsection (3) applies if the company giving the notice—

(a)

does not expect to meet condition D in section 528 on the first day of accounting period 1, merely because the company's shares have not been listed and dealt with on a recognised stock exchange within the preceding 12 months, but

(b)

reasonably expects to meet that condition throughout the rest of accounting period 1 in reliance on section 446(1)(b).

(3)

If this subsection applies—

(a)

subsection (1)(c) does not apply, but

(b)

the notice must be accompanied by a statement by the company containing the assertions specified in subsection (4).

(4)

Those assertions are—

(a)

that conditions A, B, E and F in section 528 are reasonably expected to be met in relation to the company throughout accounting period 1,

(b)

that condition C in that section is reasonably expected to be met in relation to the company for at least a part of the first day of accounting period 1, and throughout the remainder of the period, and

(c)

that condition D in that section is reasonably expected to be met in relation to the company throughout all of accounting period 1 apart from the first day.

(5)

For the meaning of “accounting period 1”, see section 609.”

In subsection (2) for class 3 substitute—

“Class 3

Letting of property if conditions A and B are met. Condition A is that the property is let— (a) by one member of a group to another, or (b) by a member of a group to a company the shares in which are stapled to the shares of a member of the group (see subsection (3)).”

For subsection (3) substitute—

“(3)

For the purposes of paragraph (b) of condition A in class 3, shares of one company (company A) are stapled to shares of another (company B) if, in consequence of the nature of the rights attaching to the shares of company A (including any terms or conditions attaching to the right to transfer the shares) it is necessary or advantageous for a person who has, disposes of or acquires shares of company A also to have, dispose of or acquire a holding of shares of company B.

(3A)

For the purposes of condition B in class 3, ignore the fact that a property may fall to be described as owner-occupied merely because of the provision by the company of services to an occupant who—

(a)

is in exclusive occupation of the property, and

(b)

is not connected with a member of the group.”