Paragraph 3

(1)

Paragraph 1 (application and construction of Schedule) is amended as follows.

(2)

In sub-paragraph (1) for “is or has been” substitute “ becomes ”.

(3)

For sub-paragraph (2) substitute—

“(2)
In this Schedule “pre-entry loss”, in relation to any company, means any allowable loss that accrued to that company at a time before it became a member of the relevant group.”

(4)

Omit sub-paragraphs (3), (3A), (4) and (5).

(5)

In sub-paragraph (6) for “Subject to” to “if” substitute “ If ”.

(6)

Omit sub-paragraph (8).