Commencement and transitional provision
3In relation to disposals made on or after 6 April 2014 but before 26 June 2014, TCGA 1992 has effect as if—
(a)in section 236H—
(i)in subsection (4)(b), for the words from “at the time of the disposal” to the end there were substituted “(see sections 236J to 236L)”,
(ii)subsection (4)(c)(ii) (and the “and” before it) were omitted, and
(iii)subsections (5) and (8) were omitted,
(b)in section 236N—
(i)in subsection (1), for “Conditions A and B are” there were substituted “Condition A is”, and
(ii)subsection (3) were omitted,
(c)section 236O were omitted,
(d)in section 236P—
(i)in subsection (1) the words “, after the end of the tax year following the tax year in which the acquisition occurs, when” were omitted,
(ii)for subsection (2) there were substituted—
“(2)A “disqualifying event” occurs in relation to the acquisition if and when—
(a)at any time after that tax year—
(i)C ceases to meet the trading requirement, or
(ii)the settlement ceases to meet the controlling interest requirement, or
(b)at any time after the acquisition—
(i)the settlement ceases to meet the all-employee benefit requirement,
(ii)the participator fraction exceeds 2/5, or
(iii)the trustees act in a way which the trusts, as required by the all-employee benefit requirement, do not permit.”, and
(iii)in subsection (3) for “before” there were substituted “after”,
(e)section 236Q(7) were omitted, and
(f)section 236R were omitted.