Paragraph 38

After paragraph 35 insert—

“Exclusion for relevant step within paragraph 1A where initial step excluded

35ZA

Chapter 2 of Part 7A of ITEPA 2003 does not apply by reason of a relevant step within paragraph 1A if that Chapter does not apply by reason of the initial step (within the meaning given by sub-paragraph (1)(a) of paragraph 1A).”