3.—(1) Paragraph 44 (revaluation reserve) is amended as follows.
(2) In sub-paragraph (3), for “from the revaluation reserve” to “on capitalisation;” substitute—
“(a)from the revaluation reserve—
(i)to the profit and loss account, if the amount was previously charged to that account or represents realised profit, or
(ii)on capitalisation,
(b)to or from the revaluation reserve in respect of the taxation relating to any profit or loss credited or debited to the reserve;”.
(3) In sub-paragraph (4), for “sub-paragraph (3)(b)” substitute “sub-paragraph (3)(a)(ii)”.