Regulation 3
These Regulations shall have effect in relation to a disposal on or after 1st April 1985 of qualifying securities, within the meaning of Schedule 6,—
(a)
in respect of which an election under that Schedule had been made by a company and not revoked on or before 31st March 1987 or such further time as may be allowed by the Board under paragraph 20(1) of Schedule 19; and
(b)
which, immediately before 1st April 1985, were regarded as indisting-uishable parts of a single asset by virtue of paragraph 3 of Schedule 6;
and are designed to enable section 68 of, and Parts I to V of Schedule 19 to, the Finance Act 1985 to have full effect in relation to the qualifying securities concerned.