That the following provisions shall have effect for the period beginning with 15th April 2003 and ending 31 days after the earliest of the dates mentioned in section 50(2) of the Finance Act 1973—
(1) Section 111 of the Finance Act 2002 shall be amended as follows.
(2) In subsection (1)(b) for "two years" there shall be substituted "three years".
(3) In subsection (1)(c)—
(4) In subsection (3)—
(5) After subsection (4) there shall be inserted—
"(4A) In this section "relevant associated company", in relation to the transferee company, means a company that—
(6) In paragraph 4(3) of Schedule 34 to the Finance Act 2002, in paragraph (b)—
(7) In the closing words of that sub-paragraph, for the words from "as if" to the end there shall be substituted "as if the transferee had then ceased to be a member of the same group as the transferor company and had then held the estate or interest referred to in paragraph (b).".
(8) After that sub-paragraph there shall be inserted—
"(4) In sub-paragraph (3)(b) "relevant associated company", in relation to the transferee company, means a company that is in the same group as the transferee company immediately before the transferee company ceases to be a member of the new group and which ceases to be a member of the new group in consequence of the transferee company so ceasing.".
(9) This Resolution shall apply to instruments executed after 14th April 2003.
(10) But this Resolution shall not apply to an instrument giving effect to a contract made on or before 9th April 2003, unless—
(11) This Resolution shall come into force on 15th April 2003.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of section 50 of the Finance Act 1973.